Is the NFT track recovering? Eight sets of data interpret the current situation of the NFT market
Original author: Karen, Foresight News
With the overall Crypto market trending upward, the NFT market is showing signs of recovery, and blue-chip floor prices have generally rebounded. The floor prices of the leading NFT series BAYC and CryptoPunks have increased by 19% and 33% respectively in the past 30 days.
At the same time, in the past three months, the trading volume of the Ethereum NFT market has rebounded slightly, but whether it will reverse remains to be seen. In terms of public chain networks, in the past month, Ethereum NFT transaction volume reached US$260 million, firmly ranking first. With the rise of the Bitcoin ecosystem, NFT trading volume on Bitcoin has once again reached the second place, with trading volume reaching US$110 million in the past month.
Judging from the number of transactions and addresses, the number of Ethereum NFT transactions has been steadily gaining momentum since July. Although the number of independent NFT transaction addresses has slowed down, there has been no rebound trend.
In the authors opinion, although there are signs of recovery in the current NFT market, to usher in a major turning point in recovery requires the stimulation of new series, new narratives, and new financial methods to inject new vitality, which is also affected by the overall Crypto market.
Ethereum NFT transactions ranked first, and Bitcoin went straight to second place
According to CryptoSlam data, in terms of public chain networks, as of the time of writing, in the past month, the NFT transaction volume on Ethereum reached nearly 260 million U.S. dollars (excluding knock-on transactions of 267 million U.S. dollars), firmly ranking first. Against the background that the Bitcoin ecosystem continues to be booming, NFT transactions on Bitcoin have also shown a high growth trend, reaching second place again after May and June this year. The transaction volume in the past month reached 110 million US dollars, of which, Volume so far this month alone has exceeded $98 million.
Source: CryptoSlam
The picture below shows the 10 NFTs with the highest transaction prices in the past three months.
Source: NFTGo
Followed by Solana, Mythos Chain, ImmutableX and Polygon, the NFT trading volume of these four networks in the past month has ranged from US$20 million to US$40 million.
Mythos Chain is also mentioned here. Mythos Chain is a licensed EVM blockchain and game ecosystem that hosts the flagship game assets and NFT markets of the leading chain game studio Mythical Games, such as the CS:GO skin market DMarket (occupying the Mythos Chain chain 99% of sales), NFL Rivals (presented by the NFL in partnership with Mythical Games), Nitro Nation World Tour and Blankos Block Party. Mythical Games is an original contributor and supporter of Mythos.
Ethereum NFT market transactions rebound slightly, whether it will reverse remains to be seen
The Block Data chart below can intuitively reflect the changes in transaction volume in the Ethereum NFT market (filtering out wash transactions). It can be seen that since February this year, the transaction volume in the Ethereum NFT market has shown a gradual downward trend. In September After the downward trend ended, the trading volume in October exceeded 300 million US dollars, and the trading volume so far in November is 230 million US dollars. There is a rebound trend, but it may be too early to say that it has started to reverse.
Source: The Block Data
If we break down the NFT market, since March, Blur’s trading volume has been stable between 50% and 70% for most of the time. OpenSea’s market share fell to about 16% in June, and then gradually recovered. From October 15th to October 22nd, it briefly occupied 68% of the market share, which has now dropped to about 25%.
Source: The Block Data
The number of Ethereum NFT transactions has been steadily gaining momentum since July.
In terms of the number of transactions, according to The Block Data data, similar to the trend of transaction volume, the number of NFT transactions has continued a downward trend since the beginning of the year, especially in March, April and May, when it plummeted from 2 million per month to 50 per month. 10,000 transactions, but has stabilized at 500,000 to 600,000 transactions per month since July.
Source: The Block Data
Ethereum’s independent NFT trading address shows no rebound trend
The changes in independent trading users can also reflect the overall situation of NFT players to a great extent. What is more disappointing is that NFT trading users have continued to decrease since February. The number of monthly trading users in October was 150,000, which has dropped 66% from 450,000 in May. However, the decline is slowing down and a rebound trend has not yet been seen.
Source: The Block Data
The statistical chart of the cumulative number of NFT players in Ethereum can also reflect that the current growth curve of NFT players is flattening.
Source: The Block Data
Ethereum NFT floor prices generally rebounded
Data from WGMI.io shows that based on the trading volume in the past 30 days, the floor prices of the top 20 NFT series with the largest trading volume have all increased, with an average increase of 47%. Among them, the leading NFT series Bored Ape Yacht The floor price increases of Club (BAYC) and CryptoPunks in the past 30 days were 19% and 33% respectively.
The Grapes series, a cross-media NFT project backed by Animoca Brands, has the largest increase, reaching 200%. The first-generation Pixelmon and CrypToadz by GREMPLIN also have an increase of more than 100%. Doodles has rebounded 93% in the past month after suffering a heavy hit. The top NFT series Bored Ape Yacht Club (BAYC) and CryptoPunks have experienced floor price increases of 19% and 33% respectively in the past 30 days.
Source: WGMI.io
The chart below can visually show the changes in blue-chip NFT floor prices in the past year and a half.
Source: The Block Data
NFT Google Trends popularity continues to slump
Google Trends can reflect to a certain extent the degree of attention paid to NFT by outsiders. The chart below shows the search popularity of NFT globally since 2021. If the highest search popularity value in January 2022 is regarded as 100 points, the small peak in December 2022 is 19, and the popularity value since May this year is between 5 and 7.
Source: Google Trends
If displayed by region, mainland China has the highest search popularity, followed by Hong Kong, Singapore, Gibraltar, Nigeria, Macau, the Cayman Islands and South Korea.
The ratio of profit and loss addresses is seriously imbalanced
According to NFTGo data, after excluding suspected wash transactions, in the past 30 days, the number of unique addresses with profits greater than 1 ETH was 57,700, and the number of unique addresses with losses greater than 1 ETH was 495,500, with a numerical ratio of 1 to 8.6. 30-day PL is the sum of realized profits generated from sales over the past 30 days and estimated unrealized profits from NFTs held by each address.
Source: NFTGo
A total of 38.95 million NFTs have been engraved on Bitcoin, held by nearly 680,000 wallets
There are 2,382 Bitcoin NFT series counted by OKLink Bitcoin Browser. The following are the 10 series with the largest number of holding addresses.
Source: OKLink Bitcoin Explorer
According to Bitcoin NFTScan data, as of November 13, a total of 38.95 million NFTs have been engraved on the Bitcoin network, creating a gas consumption of 2,482 BTC on the chain. There are currently 67.89 wallet addresses holding Bitcoin NFT assets. Ten thousand.
The following two pictures can show the changes in the number and fees of Bitcoin Ordinals engraving since this year. The peak popularity of Ordinals was in May, the third quarter and this month.
Source: Dune
Source: Dune
