Keep This In Mind: The NFT Market is Bouncing Back
Trade in the NFT space is revving up again according to the latest data released by on-chain analytics firm, Dapp.com for the 30-day volumes on both the largest NFT marketplace, Opensea, and LooksRare.
The data suggest that both platforms are looking good, as it shows they had a trading volume increase of +47.36% and +10.97% respectively while their unique NFT traders numbers were -1.06% for Opensea and +180% for LooksRare.
This is such a huge spike from late last year when NFT sales across the five top marketplaces — OpenSea, Magic Eden, X2Y2, LooksRare, and Solanart — were at their lowest for 2022 (by November) in line with a continued decline since April 2022. The marketplaces’ combined volume was US$394.02 million in November with only Magic Eden seeing an increase in sales volume from US$58.66 million in October to US$94.40 million in November. The combined NFT sales in the slow month showed a drop by over US$100 million or -20% compared to October despite OpenSea reaching 27% more trading volume for the year.
Should the momentum be maintained, it remains to be seen whether the two platforms — alongside X2Y2 — would be well-positioned to pivot the market back to previous records (though the same could not be said of Foundation and Objkt.com at this time).
Depending on a crypto trader’s gameplay, the NFT market rebounding after a 2-month drop could mean a lot. And with more applications now being developed for the NFT technology, like a house being bought with NFT, and more uses on the way, crypto traders whose game plans require opening new positions on NFT-related assets might find the buildup as valuable. The developing market trend could prompt them to review their entry and exit points for related NFT trades even as the entire cryptocurrency market awaits a recovery from the macroeconomic pressures imposed by 2022’s major events: Terra Luna, Three Arrows Capital, and the FTX collapse.
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