NFT Verse – Weekly Roundup
By Kapil Rajyaguru
The NFT market performance during January-March quarter of 2023 was a momentarily jubilating piggybacking Bitcoin Ordinals launch, which the NFT players would like to rely upon for rest of 2023.
The data points to some alarming facts about NFT universe. As per the latest Balthazar NFT Marketplace Update, the NFT market is projected to reach a trading volume of $22.69 billion by the end of 2023, marking a 39% decrease compared to 2022.
In March 2023, the combined trade volume across the top ten marketplaces reached $2.04 billion, representing a 9.8% decrease compared to February 2023 ($2.26 billion).
Total trade volume for the first quarter of 2023 (January-March) amounted to $5.67 billion, 84.2% higher than the previous quarter ($3.08 billion). Notably, the market has returned to July 2022 levels for the past two months, following a continuous decline from its peak in Q1 2022.
Among NFT marketplace, Blur continued to lead NFT sales volume chart. In March, it reported the highest trade volume at $1.34 billion. Of the ten top marketplaces, only Blur and Axie Marketplace experienced increased trade volumes in March compared to February.
Axie Marketplace’s trade volume rose 36.6% to $88.45 million, a trend expected to continue following the recent announcement of staking and game partnerships on the Ronin Network.
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