The NFT market is really in a mess right now. It’s in the midst of the worst trading volumes in over a year. Both Blue Chip NFTs including Bored Ape Yacht Club (BAYC) and CryptoPunks are showing signs of weak demand.
According to the latest data, the weekly trends among these major groups are frightening to say the least. Over the past week, BAYC’s turnover fell 55% to $6.78 million, placing it at number two on the leaderboard.
CryptoPunk’s fate is much worse as it drops 62% to $1.1 million, leaving it at 20The tenth Put it in your weekly sales chart. Additionally, the NFT messiah blockchain, Ethereum, also saw a drop in demand last week, which saw volume drop 25% to $74 million.
More misery around the corner
The largest NFT market, OpenSea, has also opened up to the moribund trading of NFTs. accident Modernization Coin Wu, written by a crypto reporter, confirmed that OpenSea activity will decline in 2022.
In August 2022, OpenSea raised $498 million in transaction value, down 5.5% from the July total of $527 million. OpenSea’s NFT trading volumes are down 90% from their peak, but still handles half a billion dollars a month.
This is still the lowest amount since August 2022. Meanwhile, the highest transaction value was noted in January 2022 at $5.87 billion.
However, lately there has been a rise in social activity around some of the excellent NFTs including BAYC and MAYC.
This could lead to potential upward pressure on the NFTs in the coming weeks. Meanwhile, there is some positive news for NFT traders following the recent announcement from FIFA, football’s governing body.
Fifa will be launching a new NFT kit with Algorand as the upcoming FIFA World Cup™ approaches.
In this regard, said Rumi Gay, Chief Business Officer of FIFA
“This exciting announcement makes FIFA Collectibles accessible to all football fans, and democratizes the opportunity to own a piece of the World Cup. Like sports memorabilia and posters, this is an opportunity for fans around the world to interact with their favorite players, moments and more on new platforms.”