NFTs Bull Run Resumes, Trading Vol Hits $42.8 Mn
The Ethereum NFT market experienced a surge in trading volume, reaching $42.8 million on January 18, 2024, a significant increase since June 2021. However, the trading volume plummeted to $30 million on January 19, 2024. Over the last three months, the NFT trading volume has been consistently increasing, reaching over $30 million.
Furthermore, Traders have primarily preferred two NFT marketplaces, OpenSea and Blur, out of the 10 available, out of which Element, Gem, LooksRare, Sudoswap, and Foundation are among the top options.
The low NFT trading volume is attributed to the decline of NFT traders over the past two years. As of January 17, 2022, the number of NFT traders was around 248,000, but by January 8, 2024, it had declined to 61,508.
This decrease has caused the overall NFT market to plummet. However, the number of NFT traders has remained nearly constant in the last three months, with most traders favoring OpenSea and Blur.
(With inputs from Shikha Singh)
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