The NFT market experienced its sharpest decline in sales and trading volumes since 2020, with a notable 19% annual downturn in trading volumes and an 18% decrease in sales, according to DappRadar. While the crypto sector grows, the NFT space struggles with valuation and participation issues.
The NFT market experienced a robust start to December, with weekly sales volumes hitting $187 million, showcasing increased investor interest. However, the period also highlighted challenges, such as notable scams and technical issues with new crypto token launches.
Global NFT sales dropped to $88 million this week with a 7.07% decrease, while Solana showed strong growth with a 24% increase in trading volume, challenging Ethereum’s market dominance.
DMarket, a gaming NFT collection, topped daily sales with $733,528, while Ethereum led overall blockchain transactions. Gaming-related NFTs showed strong performance across multiple platforms.
Binance NFT Marketplace is ending all support for Bitcoin-based NFTs starting April 18 due to declining market trends, urging users to withdraw their holdings.
