NFT bull market awakening? Eight sets of data interpret the current situation of the NFT market
Originally written by Karen, Foresight News
Originally written by Karen, Foresight News
But whether the NFT market has woken up, let us find the answer from the following sets of data. Generally speaking, the transaction status of the NFT market is still sluggish. Whether it is from the perspective of transaction volume, transaction address or market demand of buyers and sellers, it is still in the bottoming stage of the bear market, let alone the recovery of the bull market. In terms of popularity, the NFT leader is "dimmed", and the old NFT Milady Maker "turned off" after becoming popular again; although NFT on Bitcoin is also attracting the attention of the community, it is still in the early stages of development and is far from forming a stable pattern.
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According to The Block Data, in May, the trading volume of the NFT market on Ethereum was US$652 million, a record low since December last year, a month-on-month decrease of 48.7%, which was a greater decline than the US$5.35 billion in January 2022. is as high as 87%. Since April, Blur has occupied 50% to 60% of the NFT market, while OpenSea has accounted for between 20% and 30%.
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In terms of trading users, according to The Block Data, there were 194,800 independent traders in the NFT market on Ethereum in May, including 150,000 on OpenSea and 36,500 on Blur. In terms of the number of NFT traders, in May, it dropped 67% from the peak in January last year (591,500) and 44% from April (349,100).
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3. The Bitcoin NFT market continues to be hot, and the trading volume in May is close to 200 million US dollars
According to the public chain, in May, the trading volume of NFT on Bitcoin ranked second after Ethereum. According to CryptoSlam data, the transaction volume of Bitcoin NFT in May reached 196 million US dollars, and the number of transactions was about 330,000.
With the entry of CEX such as OKX Web3 wallet and Binance NFT market, the Bitcoin NFT market continues to maintain its popularity.
Source: CryptoSlam
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As far as the floor price is concerned, according to the data from WGMI.io, according to the transaction volume in the past 30 days, among the top 20 NFT series with the largest transaction volume, 11 NFT series have seen their floor prices rise, and the average increase Among them, the Open Edition series launched by the generative artist Jack Butcher led the increase of 418%, followed by 0 N 1 Force (178%), Nakamigos (40%), The Captainz (35%), Azuki (30%) ) and BEANZ Official (28%), with the biggest drop being Tykes (-24%).
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It should be noted that since May, most of the top NFT series, the floor prices of some series have risen to varying degrees, but they are still down by more than 50% compared to their respective historical highs. According to The Block Data, the floor price of BAYC has rebounded from the May low (40 ETH) to the current 46 ETH, but it is still far from the historical high of 128 ETH in May last year. CryptoPunks, MAYC, Clone X and Doodles 54%, 72%, 86%, and 89% lower than the historical high, respectively. Azuki has continued to rebound from the low point (5.8 ETH) in late August last year, and has now risen to 16.95 ETH, compared with the historical high (25 ETH). The decline has narrowed to 32%.
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5. The head effect of NFT series is weak
In most markets, some degree of head-turning will drive the industry forward. However, in the past month or even longer, the head effect in the NFT field has been weak.
In terms of popularity, the NFT leader is "dimmed", and the old NFT Milady Maker "turned off" after becoming popular again; Bitcoin Frogs, Bitcoin Punks, DeGods, etc. on Bitcoin are also attracting the attention of the community, but they are still in the early stages of development and far from form a stable pattern.
Source: OrdinalHub
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Source: NFTGo
Source: NFTGo
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Source: NFTGo
Although the difference between the number of sellers and the number of buyers is shrinking, considering the overall trader base is also shrinking and other factors, it does not have much reference value.
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Google Trends is also one of the indicators that best reflects the attention paid to NFTs. It can be seen that since January 2022, the search popularity of NFT has dropped sharply, and after a small peak in December last year, it has gradually declined.
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