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NFT Trading Volume Plummets 97% Since January

NFT Non-fungible tokens

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

October 23, 2023

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Trading volumes in non-fungible tokens (NFTs) have taken a major dive, dropping nearly a 100% from their all-time high in January this year.

The trading volumes fell 97% from their record high, Bloomberg reported, citing data from Dune Analytics.

More precisely, they fell from $17 billion at the very beginning of 2022 to $466 million in September.

Meanwhile, according to NFT data aggregator CryptoSlam, over the past 24 hours, the top 5 NFT collections by sales volume include CryptoPunks, Sorare, Mutant Ape Yach Club (MAYC), Gods Unchained Immutable, and Bored Ape Yacht Club (BAYC), respectively.

These have seen volumes between $5.7 million for CryptoPunks and $711,488 for BAYC.

Over the past 7 days, BAYC takes the first spot, with $9.5 million in sales, followed by MAYC’s $4.8 million. CryptoPunks is in 5^th place, with $3.6 million.

Looking further, over the past 30 days, BAYC is still number one with sales totalling $34.5 million, while the all-time leader is Axie Infinity, with $4 billion. BAYC is second with $2.5 billion, relatively closely followed by CryptoPunks and MAYC.

Now, looking at these top projects individually, we find that between January 1 and September 29 (at noon UTC) all have recorded significant losses:

CryptoPunks sales volume fell 96.7%,
BAYC sales volume fell 98.6%,
MAYC sales volume fell 98.9%,
Sorare sales volume fell 50.8%,
Gods Unchain Immutable sales volume fell 92.3%,
Axie Infinity sales volume fell 99.3%.

CryptoPunks sales volume chart, January 1 – September 29:

“The fading NFT mania is part of a wider, $2 trillion wipeout in the crypto sector as rapidly tightening monetary policy starves speculative assets of investment flows,” Bloomberg noted.

That said, just yesterday, despite the bear market, somebody bought a CryptoPunk for ETH 3,300 ($ 4.35m).

Punk 2924 bought for 3,300 ETH ($4,451,633.94 USD) by 0x9045de from 0x1da533. https://t.co/bh7Rjs9Aob #cryptopunks #ethereum pic.twitter.com/PT9v9bCC5s
— CryptoPunks Bot (@cryptopunksbot) September 28, 2022