As reported by Dune Analytics, NFT trading volume has dropped sharply since early this year. The weekly trading volume is $114.4 million, down 98% from $6.2 billion recorded in January of this year.
The weekly trading volume of NFTs rose to an all-time high of $146.3 million at the beginning of April this year. However, as the crypto winter begins, the NFT market has gradually become gloomy. The price of NFTs plummeted due to the devaluation of Ether (ETH), the most popular cryptocurrency used to buy and sell digital assets. Collectors currently only make an average of about $285 per NFT transaction, down from $2,000 in January.
However, the number of wallets owning at least 1 NFT during this period skyrocketed to 6.14 million, almost double compared to 3.36 million 8 months ago. The NFT market also saw a big change from the beginning of the year, where most of the dollar trading volume has switched from LookRare to OpenSea.
In an interview with Cointelegraph, NFTGo founder Tony Ling said that innovation will continue to drive NFT adoption despite the market downturn. Recently, post offices in Austria have been testing NFT stamps while Mastercard has rolled out NFT customized debit cards, which allow users to design cards with NFT avatars.
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