Since their surge in popularity last year, Nonfungible Token (NFT) sales are still in the dumps, and FTX’s bankruptcy hasn’t improved their prospects.
NFT volumes have reached a 16-month low, weeks after the exchange’s demise.
Data from Dappradar shows that NFT trading activity hasn’t been this low since July 2021, when OpenSea, the largest NFT marketplace in the world, was the only significant trading venue in town.
The following month, volumes skyrocketed to almost $4 billion, still primarily driven by OpenSea.
Early in 2022, LooksRare started to gain popularity, but as it competed for market share with numerous rivals in a rapidly contracting market, it quickly lost favor.
Magic Eden was the only NFT marketplace monitored by Dappradar to record higher sales in November, bringing in $94 million in volumes as opposed to $58 million in October.
OpenSea volumes decreased from $226 million to $174 million during this time, while X2Y2 volumes decreased from $145 million to just $69 million.
In July, OpenSea was forced to fire 20% of its staff as a result of a confluence of macroeconomic pressures and the cyclical bear market in cryptocurrency. Since then, its monopoly in the NFT market has significantly decreased.
NFT sales reach a 16-month low following the FTX blowup, according to CryptoPotato.