NFT sales drop below $10,000 for the first time in a year

Key parameters of non-fungible tokens (NFTs), such as sales, volume, and unique users, are down year-on-year. Lead the community to speculate on the causes.

Famous NFT analyst Giancarlo Xu first highlighted The fact that the number of unique NFT buyers/sellers is decreasing. Most metrics are down year-over-year today, while some are down to 2021 levels.

The number of NFT sales has fallen below 10,000 across the markets

According to the Dune dashboard, the number of NFT sales across popular markets is 9,887 today. The metrics bottomed out in 2023, and when examining a broader time frame, their current position is closer to July 2021.

source: Dune

Similarly, the number of unique users also stands at a yearly low today. NFT platforms registered 4,265 unique users, which is a low not seen since July 2021.

The Dunes dashboard shows 4265 unique NFT users by fill source.
source: Dune

Another major metric, NFT trading volume, is down to 5,823 Ethereum (ETH) today across major markets. Interestingly, the new market Blur was managing this volume on its own in December 2022. Also, the average sales volume has also dropped sharply to around 18.7 ETH today.

NFT trading volume dropped to 5,823 ETH
source: Dune

anti-adoption phase

The data drop sparked discussion among the community. Many pointed out Reasons Such as meme coin season, tax season, and a sharp rise in Ethereum gas fees.

Twitter user Explain“Fabricated meme coins attracted volume, both human and MEV bots… This caused gas to brrrr, high gas off jpg aggregators and kiosk activity, no ambiguity…that’s just one factor out of many at play.”

On Wednesday, BeInCrypto reported that a maximum extractable value (MEV) bot spent more than $1 million on gas fees within 24 hours. The MEV botnet activity resulted in a jump of more than 140% in Ethereum gas fees.

Ethereum average transaction fee graph.
source: etherscan

However, Twitter user, Konstantin, Argues:

Whatever the reasons people are commenting here, 10k is still a shockingly low number two years after the massive NFT boom.

It’s less of an ice hockey arena, we’re in the anti-adoption stage in a way.”

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