NFT Trading Volume Declines, Yet Ethereum and Bitcoin NFTs Experience Growth

Decline in NFT Trading Volume Highlights Stronger Markets for Ethereum and Bitcoin NFTs

According to PANews, the market for Non-Fungible Tokens (NFTs) faced a noticeable downturn last week. The total trading volume amounted to $77.46 million, representing an 8.78% decline from the previous period.

Significant Reductions in Buyer and Seller Participation

The decrease was driven by sharp reductions in both buyer and seller activity. The number of buyers fell by an astonishing 64.47%, while sellers saw an even deeper decrease of 66.40%.

Ethereum Leads the Market

Despite the overall decline, Ethereum NFTs continued to lead the market with a trading volume of $27 million. This is a remarkable increase of 4.95% compared to the same time last year, showcasing Ethereum's resilience amidst market fluctuations.

Bitcoin NFTs Show Strong Growth

Following closely behind are Bitcoin NFTs, which reported a trading volume of $16.78 million. This marks a substantial growth of 29.36%, indicating a growing interest and investment in Bitcoin-based NFTs.

Solana NFTs Hold a Steady Position

Solana NFTs ranked third, garnering a trading volume of $11.38 million. Solana managed to secure a 1.95% increase year-over-year, reflecting its stable position in the NFT marketplace.

Conclusion

In summary, while the NFT market as a whole has experienced a decline in trading volume, specific segments such as Ethereum and Bitcoin NFTs demonstrate significant growth and investor interest. As the landscape of NFTs continues to evolve, it will be essential for investors and enthusiasts to closely monitor market trends.

This article discusses the recent decline in NFT trading volume, highlighting Ethereum and Bitcoin NFT market trends during the downturn.