BNB
by BSC News
October 5, 2022
Continued decline in the cryptocurrency market, has meant investors moving away from the speculative assets class.
***Editor’s Note: This story originally contained an incorrect calculation of the percentage decline in NFT demand. This error was corrected at 14:00 UTC on Oct. 6.***
In September, the total NFTs traded on Liquid Collectibles, the NFT liquid market maker on BNB Chain, was 296. This represents a 38% decline in NFTs sales count from the 480 traded on the platform in August.
With the year so far marked by a consistent decline in the general cryptocurrency market, interest in profile picture (PFP) NFTs has taken a hit. According to data from Dune Analytics, NFTs trading volume clinched an all-time high of $17.16 billion in January, 2022.
However, as the cryptocurrency market took a beating through the year, NFTs sales volume plummeted. At the time of writing, NFT sales volume stood at $53.43 million, declining by 97%.
Since the high recorded in January, there has been a severe decline in monthly trading volume on various NFTs marketplaces. Leading marketplace OpenSea has registered a 93% decline in monthly trading volume on the platform since January.
DappRadar data showed that only 58 addresses have used Liquid Collectibles in the last 30 days. With 128 transactions completed within that period by these addresses, a 28% decline in transaction count has been logged on the NFT liquid market maker. According to Heilig Leknud, the project’s marketing manager, the decline in trading on Liquid collectibles is attributable to the deterioration of “market conditions” and the “lack of (NFT) listings” by its users.
Related News
Latest News
July 26, 2024
Tokyo's BitFlyer Acquires FTX Japan, Aims For Crypto ETFs
July 26, 2024
Crypto Scams on the Rise: Fake Video Conferencing Apps Target Job Seekers for Crypto
July 26, 2024
JITO Foundation Releases Code for Jito Restaking on Solana
July 26, 2024
BlackRock Sees Low Demand for Other Cryptos Other Than Bitcoin and Ethereum
July 26, 2024
Streamlining Project Deployment in the Blockchain Industry in 2024
July 25, 2024
Yona Network Integrates with Babylon Chain to Bridge Bitcoin and Solana
July 25, 2024
Core Foundation Launches Dual Staking to Enhance Bitcoin Yields
July 25, 2024
Chainlink Join Hands With Wenia to Boost Transparency of Colombian Peso-Backed Stablecoin
More News