JAKARTA After gaining popularity in recent years, NFT digital art has reportedly experienced a decline in trading volume. According to analytics firm Dune Analytics, Non-Fungible Token (NFT) trading volume has fallen by 97 percent since breaking its record high in January 2022.
Dune Analytics pointed out that volume fell from 17 billion US dollars in early 2022 to only US$466 million in September 2022. This decline follows the drop in the crypto market in recent months. About $2 trillion liquidated from the cryptocurrency market and monetary policy that has quickly contributed to soaring enthusiasm for NFT.
The largest NFT market was also affected by the decline. Last month, OpenSea's NFT trading volume fell 90 percent from its peak of 4.85 billion US dollars in January 2022. Other markets, such as LooksRare, Rarible, SuperRare, and Magic Eden, all recorded a similar decline in activity.
As part of a larger drop in the price of Ethereum (ETH), the price of NFT also fell significantly. Unlike early January, when NFT usually generates more than US$2,000 per transaction, the current average price is only about US$285.
According to the NFT market summary, published on August 7 by Footprint Analytics, NFT trading volume fell 40 percent in Q2, mainly due to reduced interest. The DEXterlab survey shows that more than 30 percent of crypto users "will never buy" NFT, as reported by DailyCoin.
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