NFT trading volume down 99.9% in 3 months, but that’s not all

According to data from Nansen’s Blue Chip Index, which measures the liquidity and market capitalization of the top 20 NFT collections, liquidity has plummeted over the past 3 months while the average market capitalization of these assets has fallen.

capitalization (Street) and volume (pillar) | Source: Nansen

After a maximum daily trading volume of 4.5 million ETH was reached at the end of August, the metric is now below 4,000 ETH at the end of November – a decrease of more than 99.9% within 3 months.

If we look at the top 5 NFT projects by market cap over the past month, some go against the prevailing trend while others are hit hard.

price (Street) and average weight (Column) | Source: Nansen

First, CryptoPunks is the largest NFT project to date by market capitalization.

In the last month there has been a significant drop in trading volume, the average price and the reserve price. Currently, the minimum price for a single punk is around 82 ETH, while the trading volume has dropped almost 60% in a month. The project still holds the lead as the largest NFT project with a market capitalization greater than the next 3 projects combined.

price (Street) and average weight (pillar) | Source: Nansen

The second largest collection of NFTs by market capitalization, BoredApeYachtClub defies the general trend, recording much of the trading volume last month, hitting a high of 5,473 ETH on November. The average price also rose from 38 to 50 ETH, with the minimum price currently being 45 ETH.

price (Street) and average weight (pillar) | Source: Nansen

Sandbox’s NFT LAND comes in third and is one of the few NFT collections with a clear upward trend. Last month, the average price of NFT LAND rose from 0.4 to 3.92 ETH, while the trading volume rose from just 24 ETH / day a month ago to an average of around 2,000 ETH / day by the second half of the month. 11th

price (Street) and average weight (pillar) | Source: Nansen

VeeFriend’s NFT is one of the few NFT collections that has moved almost sideways in terms of both volume and price history over the past month. There was essentially no change in the average price over the last month, but sales peaked with a number of VeeFriends NFTs selling for between 35 and 55 ETH in the past few days. The average trading volume also increased slightly last month.

price (Street) and average weight (pillar) | Source: Nansen

After all, Art Blocks is the fifth largest collection of NFTs by market capitalization.

Last month, the project’s trading volume gradually increased, but the average price of NFT fell sharply. A month ago, NFT Art Blocks were sold for an average of more than 3 ETH. Now this has dropped to just 0.38 ETH – a drop of more than 85%. However, the total number of transactions and the number of unique buyers are increasing, so NFT Art Blocks will continue to be distributed to the owners.

Overall, the situation in the NFT market seems to be stabilizing again, a long way from the previous rush in Q2 and Q3. Stronger projects retain their value, while gaming and metaverse-related projects regain momentum.

Time will tell if the recent decline was temporary or was a real change in overall momentum.

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Minh Anh

According to CoinMarketCap

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