The daily trading volume of Ethereum NFTs dropped below 4k for the first time since June 2021. The number peaked at over 80,000 in February 2022 and has since been steadily falling. The NFT sector has lagged behind the rest of the cryptocurrency industry, which has been quite exciting so far this year. The amount of Ethereum NFT marketplace transactions has been falling every month since January, and it was already much lower in January compared to the billions of dollars moved monthly during the 2021/2022 bull market. Sales fell short of $500 million in May.
The most startling statistic is the daily trading volume of Ethereum NFTs, which dropped below 4,000 for the first time since June 2021. The number peaked at over 80,000 in February 2022 and has since been steadily falling. From June 2023 to February 2024, it remained flat, but then started falling again.
Struggle Continues
Since Ethereum’s NFT landscape has been under pressure from other, less expensive competitors, the once-de facto blockchain for most use cases may be in for some rough times ahead. Even while most of the blue-chip NFT collections are still on Ethereum, it is no longer the dominant platform. Recent bad news about the NFT market has been focused on falling valuations and activity. The majority of news coverage regarding NFTs has been negative or nonexistent.
However, there have been a few positive announcements, such as an Adidas collaboration with Stepn that will start with an NFT collection and the announcement of the Pudgy Penguins game that will be released in 2025 and is based on both the NFT collection and the corresponding toy line, which sold 1 million units in less than a year. Despite occasional high-profile collections, the general tendency is for volumes to stall and floor prices to fall across the board. This is true even for the most talked-about NFT subcategory of the year, Bitcoin Ordinals.
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