Recent data has revealed that throughout April, the nonfungible token market has consistently seen more sellers than buyers, without a single exception.
According to data from the analytics platform NFTGo, there were only 7,907 buyers on April 26, while there were 8,641 attempting to sell their NFTs.
Days before, on April 19, the NFT market hit its second lowest point in the past twelve months, with only 5,893 buyers — a slight increase from the lowest recorded date in the past twelve months, which was on June 18, 2022, with 5,343 buyers.
On April 5, while there were more buyers on the market — 18,495 — there were also 36,423 sellers.
Based on the data, there hasn’t been a single day in April where the number of buyers outnumbered the number of sellers in the NFT market, indicating a potential lack of demand that could be concerning for thosplanning to sell their NFT soon.
The last recorded day buyers exceeded sellers was on March 11, when there were 9,756 buyers and 9,754 sellers.
Graph showing the total number of daily buyers, sellers and holders on the NFT market. Source: NFTGo
The turbulent market conditions have been met with various community reactions on Twitter.
For the last year, daily NFT traders ranged from 20-60k.
— Mando (@rektmando) April 26, 2023
In the last few days it dropped to 7k
This market is not functioning atm. pic.twitter.com/akqKuWHmxr
Cointelegraph previously reported that the NFT market experienced a decline on March 12, after the collapse of Silicon Valley Bank caused fear in traders.
Before the bank’s collapse, NFT trading volumes were hovering between $68 million to $74 million on March 10; however, on March 12, they fell to $36 million.
The dip was also accompanied by a 27.9% drop in daily NFT sales count between March 9 and March 11.
According to a March 20 CoinGecko report, the top six NFT marketplaces saw a rise in wash trading in February for the fourth month straight, with a total volume of $580 million.
The report revealed that the market witnessed a 126% increase from the previous month’s volume of $250 million — with the report attributing the overall recovery of the NFT marketplace as the reason for the increase.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?