Continued decline in the cryptocurrency market, has meant investors moving away from the speculative assets class.
***Editor’s Note: This story originally contained an incorrect calculation of the percentage decline in NFT demand. This error was corrected at 14:00 UTC on Oct. 6.***
In September, the total NFTs traded on Liquid Collectibles, the NFT liquid market maker on BNB Chain, was 296. This represents a 38% decline in NFTs sales count from the 480 traded on the platform in August.
With the year so far marked by a consistent decline in the general cryptocurrency market, interest in profile picture (PFP) NFTs has taken a hit. According to data from Dune Analytics, NFTs trading volume clinched an all-time high of $17.16 billion in January, 2022.
However, as the cryptocurrency market took a beating through the year, NFTs sales volume plummeted. At the time of writing, NFT sales volume stood at $53.43 million, declining by 97%.
Since the high recorded in January, there has been a severe decline in monthly trading volume on various NFTs marketplaces. Leading marketplace OpenSea has registered a 93% decline in monthly trading volume on the platform since January.
DappRadar data showed that only 58 addresses have used Liquid Collectibles in the last 30 days. With 128 transactions completed within that period by these addresses, a 28% decline in transaction count has been logged on the NFT liquid market maker. According to Heilig Leknud, the project’s marketing manager, the decline in trading on Liquid collectibles is attributable to the deterioration of “market conditions” and the “lack of (NFT) listings” by its users.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
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Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
