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Home»Blockchain»After the FTX Blowup, NFT Sales Stagnate to a 16-Month Low
Blockchain

After the FTX Blowup, NFT Sales Stagnate to a 16-Month Low

Saheel KhirodkarBy Saheel KhirodkarDecember 9, 2022Updated:December 9, 2022No Comments2 Mins Read
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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.

crypto dumps cryptocurrency cryptocurrency exchange FTX NFT
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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