Who said the NFT market is collapsing? Tell you the truth with data

Blue-chip NFT holdings remain strong, although some holdings with longer hype cycles do experience pullbacks.

The Wall Street Journal reported that NFT sales fell to an average of about 19,000 a day this week, a 92% drop from a peak of about 225,000 in September last year, and concluded that the NFT market is collapsing.But the Wall Street Journal is wrong, and I will use Nansen to briefly analyze the current state of the NFT market.

Many of the charts used here are provided for free by Nansen, you just need to sign up for a Nansen Lite account and start exploring!

Volume is higher than almost any week in 2021

While the weekly volume didn’t hit an all-time high, it was still strong. If 2021 is the year NFTs take over the world, with weekly trading volumes now almost higher than in 2021, 2021 looks like just the beginning.

Who said the NFT market is collapsing? Tell you the truth with data

Weekly user and volume data are telling a similar story

Weekly user numbers are higher than any week in 2021, and weekly trading volumes, while not as strong, are still in good shape, a far cry from a crashing market.

Who said the NFT market is collapsing? Tell you the truth with data

The number of active projects is on a steady upward trend

The number of projects selling more than 10 NFTs per week has shown strong growth, from around 1,800 at the beginning of the year to over 2,400 currently.

Who said the NFT market is collapsing? Tell you the truth with data

NFT-500 Index shows good recovery from March lows

The growth of various types of NFTs is not equal, with social NFTs (@BoredApeYC, @AzukiOfficial, @RTFKT, etc.) leading the way, while other categories such as Metaverse NFTs have not rebounded.

Who said the NFT market is collapsing? Tell you the truth with data

Overall, the NFT market appears to be entering a period of recuperation. Blue-chip NFT collections are still going strong, although some collections with longer hype cycles (such as Metaverse NFTs) did experience a degree of coldness.

Some of the recently launched NFT collections are still grabbing headlines and garnering huge attention, such as @OthersideMeta, @RagnarokMeta, @moonbirds, etc.

Today, NFT degens are more cautious and more market-savvy than they were in 2021. And no matter how the market changes, projects that gain traction with strong teams, roadmaps and execution will continue to perform well.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/who-said-the-nft-market-is-collapsing-tell-you-the-truth-with-data/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-05-05 10:09
Next 2022-05-05 10:10

Related articles