The figure reflects a 98% decrease from the $6.2 billion seen at the end of January, according to Cointelegraph.
The weekly trading volume of non-fungible tokens (NFTs) throughout the blockchain industry has fallen to $114.4 million, according to data given by Dune Analytics, as reported by Cointelegraph.
The figure, according to Cointelegraph, is a 98% decrease from the $6.2 billion seen at the end of January. Weekly NFT trading volume peaked at $146.3 billion in early April, before declining in May with the commencement of an ongoing bear market in cryptocurrencies.
However, the overall number of wallets holding at least one NFT has grown from 3.36 million at the end of January to 6.14 million today. With regard to NFT markets, there has been a change since the beginning of the year, when OpenSea replaced LooksRare as the market with the bulk of the dollar trading volume.
Using data from Cointelegraph, it can be deduced that the price of NFTs has also decreased as a result of the general decline in the value of Ether (ETH), the cryptocurrency used for buying and selling digital collectibles. Market activity currently indicates that an NFT has an average sale value of $285 as opposed to $2,000 in early January.
NFT adoption is anticipated to be driven by innovation, according to Tony Lig, creator of NFTGo, notwithstanding the effects of the market slump. Recently, MasterCard released debit cards with NFT customizations, while Austrian post offices experimented with NFT stamps.
The luxury jewellery retailer Tiffany and Co. has also introduced a personalized pendant experience for owners of CryptoPunk NFTs, according to Cointelegraph. The average NFT weekly trade volume has decreased by nearly 30% from its level in August, yet the NFT market nevertheless continues to deteriorate.
