While the NFT market seems to have slowed down since the beginning of the year, what about the volumes and prices of the different collections? Let’s go back to some interesting statistics to observe, to take the temperature of the ecosystem.
Update on the NFT market
Throughout 2022, the non-fungible token (NFT) market has shown some resilience in the face of the fall of other digital assets. Although it is difficult to make an overall analysis given the uniqueness of each collection, trends can nevertheless be identified and provide interesting information.
What stands out the most since the start of the year is the dominance of the Blur marketplace, which particularly marked the month of February with its airdrop. The marketplace thus recorded a peak in volumes on February 22, with 61,800 ETH, or approximately $101.5 million.
For comparison, Blur recorded a volume of 7,380 ETH this Sunday, for $13.8 million:
Figure 1 — Volumes of NFT marketplaces since January 1
However, we could consider Blur to be a statistical aberration, with a share of volumes that could have been artificially boosted by users wishing to make themselves eligible for an airdrop.
Thus taking another point of comparison with OpenSea. Nevertheless, we observe a decrease in volumes between January 1 and April 30. If we compare these two dates, we have 6,510 ETH on one side against 2,600, or respectively 7.8 and 4.86 million dollars in volumes.
By comparing April 2022 to the month of April just ended, the data of our colleagues from The Block show a division of volumes by 3.17. Indeed, those went from $4.06 billion to $1.28 billion, even taking Blur volumes into account.
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A look at collections
On the collection side, we are also seeing a drop in volumes. For example, in the top 10 by volumes on Ethereum (ETH), the collections all show a disengagement over the last 30 days, with the exception of Azuki :
Figure 2 — Top 10 NFT collections by volume on Ethereum in the last 30 days
As we can see, Yuga Labs’ collections are bearing the brunt of this slowdown, with volumes down 20 to 28% for Mutan Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC) and Ortherdeed.
On the price side, CryptoPunk, which is the collection with the largest capitalization, has seen its floor price fall by 18.2% since January 1, dropping from 65.47 to 53.5 ETH. Nevertheless, we must also take into account the rise in the price of ETHwhich then gives an increase of more than 27% from nearly $78,600 to just over $100,000.
On the BAYC side, a study on the same time scale gives a floor price rose to 69.49 ETH for almost $83,400, from 49.45 ETH, or around $92,000.
Leaning on The Sandbox to take the temperature on the metaverse side, while a land cost on average 4.4 ETH for more than 11,900 dollars at the high of January 31, 2022, the floor price has now dropped to 0, 45 ETH for just over $830.
Despite the dollar price of certain collections supported by the rise in ETH since the start of the year, we were still able to note a drop in floor prices in ETH, and above all a drop in volumes.
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Sources: DefiLlama, Etherscan
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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