NFT Trading Volumes Decline By Up To 94% As Blue-Chip Collections Lose Momentum

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The past month has been brutal for all crypto markets, although NFTs have shown some resilience. Interestingly, the top collection rankings look very different compared to a few weeks ago. It is good to see new collections come to market and build momentum, although several projects saw their volume drop off by over 50%. 

Terraforms, Otherdeed, and Azuki Steam Ahead

It is interesting to see Bored Ape Yacht Club not in the top three NFT collections ranked by monthly volume. Although BAYC has no shortage of trades whatsoever, there is a steep decline in overall interest lately. That may be due to falling prices of Ethereum and other assets, or simply because the hype surrounding BAYC and ApeCoin and Otherdeed has calmed down a bit. 

BAYC Is currently in fourth place by volume, representing $73.16 million n the past month. That is a 74.5% decline, and there are 44.22% fewer traders. Additionally, the collection’s sales dropped by nearly 52%. Instead, the top collections today are Terraforms, Otherdeed, and Azuki. 

Terraforms has $148.37 million in sales, which is still an 87.17% decline MoM. Moreover, most of it comes from LooksRare, so there is likely some wash trading. Traders and sales have dropped off strongly as well. That trend applies to Otherdeed, which has an 84.12% monthly volume decline, 65.08% fewer traders, and nearly 69% fewer sales. Even so, its volume remained above $108.32 million. 

Things look a bit more interesting for the Azuki collection. The $108 million in monthly volume is a nearly 40% increase, and the number of traders increased by 202.5%. Sales nearly topped 4,000 transactions, another 305.86% increase. The collection did well overall, despite experiencing a sharp price floor dip due to a scandal involving one of the team members. 

Overall Volume Dropoffs Growing Pretty Steep

One peculiar trend affecting the NFT industry this month is the rough decline in overall sales volume. While Goblintown and Azuke saw strong increases, everything else in the top 10 dropped pretty hard. Moonbirds, a top collection in April 2022, lost nearly 94% of its trading volume and 91% of its traders. Momentum is fleeting in the NFT world, and collections will struggle to stay relevant more than anything else. 

Such a high volume decline is not unique to Moonbirds either. CryptoPunks, Clone X, Meebits, Doodles V4, BEANZ, MAYC, and CATGIRL ACADEMIA all lost at least 56.71% of their monthly volume. There is no reason to panic just yet, but it seems the overall rankings will be shaken up significantly in the coming months. The long-term utility may finally take over from speculation and highlight the potential of NFTs rather than their “flipping” potential. 

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