The trading volume of NFTs last week decreased by 11% to 134.9 million USD with a significant drop in the number of buyers and sellers.
The analysis version shows that Ethereum and Bitcoin decreased in transactions while Polygon and BNB Chain exhibited significant growth.
MAIN CONTENT
NFT trading volume decreased by 11% last week, with the number of buyers and sellers dropping by nearly 90%.
Ethereum and Bitcoin saw a decrease in trading volume, while Polygon and BNB Chain increased by 57% and 34%, respectively.
High-value NFT transactions stood out with CryptoPunks worth hundreds of ETH and equivalent to millions of USD.
What was the NFT trading volume last week?
Data from CryptoSlam recorded that NFT trading volume last week decreased by 11%, reaching 134.9 million USD with a significant drop in the number of trading participants.
The number of NFT buyers decreased by 89.83% to 73,900, while sellers decreased by 91.14% to 42,878, although the total number of transactions slightly increased by 1.60% to 1,781,919 transactions. This indicates a decrease in market interaction despite regular trading.
How is trading volume distributed among networks?
Ethereum still leads with 58.5 million USD in transactions, down 23.43% from last week.
Meanwhile, Polygon grew strongly by 56.90%, reaching 17.8 million USD. Bitcoin decreased by 19.47% to 14.2 million USD, while BNB Chain increased by 33.54%, reaching 13.6 million USD. The growth from Polygon and BNB Chain indicates diversification in cross-chain networks for NFT trading.
Which high-value NFT trades stand out this week?
CryptoPunks NFTs recorded many large-value transactions this week, with CryptoPunks #1021 being sold for 720 ETH (equivalent to 2.57 million USD).
Other tokens like #9797, #7414, #7211, and #3291 all had transactions ranging from 72 to 140 ETH, equivalent to 281,000 to over 500,000 USD, reflecting the appeal and high value in this NFT group.
NFT CryptoPunks #1021 was sold for 720 ETH, equivalent to about 2.57 million USD, confirming the heat of the leading NFT line in the market.
(Source: CryptoSlam, August 2023)
Frequently Asked Questions
Does the decrease in NFT trading volume affect the market?
A decrease in trading volume and participants may signal that the NFT market is experiencing a temporary decline in liquidity and interest.
Why are Polygon and BNB Chain growing while Ethereum and Bitcoin decline?
Polygon and BNB Chain have low transaction fees and faster processing speeds, attracting investors to shift to these networks to optimize costs.
What are CryptoPunks and why are they valuable?
CryptoPunks is the first and most famous NFT collection, highly attractive due to its uniqueness and collectible status in the cryptocurrency community.
What does an increase in transaction volume with a decrease in buyers and sellers mean?
This shows that current players are trading more actively, despite a sharp decline in the number of new entrants and those leaving the market.
What is the best way to track NFT trading fluctuations?
Information should be sourced from reputable NFT market data analysis platforms like CryptoSlam to ensure high accuracy.
Source: https://tintucbitcoin.com/nft-giam-11-giao-dich-1349-trieu-usd/
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