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- 1 The non-fungible token space swings between opinions like yet another frenzy and new form of artwork.
- 2 Recent crypto winter affected the sector badly and is also trying to recover from the hit.
Non-fungible tokens (NFTs) are among one of the prominent innovations offered by the blockchain technology, after cryptocurrencies. The NFT market witnessed a boom in 2021 going in tandem with the contemporary crypto market rally. However, with the fall of the cryptocurrency market in the following year, the gleam of the digital art space started turning into gloom. Though there remained several highs in between but the recent stats shows the NFT sector is still showing no optimism.
During the whole April 2023, data suggests, more sellers consistently dominated the non-fungible market than that of sellers.
A prominent analytics platform, NFTGo data shows on Wednesday, April 26, the number of NFT buyers was 7,907 which took a beat from 8,641 sellerts active at the same time. The current state also showcases the sellers lead with 9,656 ready to sell against the 8,192 buyers.
During last week, on April 19, there were 5,893 buyers active in the NFT market, according to the data aggregator. The number shows the second lowest point year to year. The lowest point was in June last when there were only 5,343 buyers.
The rife between NFT buyers and sellers even rose to a difference of almost double, with around 18,495 buyers in the market while 36,423 sellers at the same time.
Despite the adversaries, the non-fungible market is trying its best to keep up the pace. In February, the NFT market was reported to perform better in terms of trading volumes. The volumes at the time consistently rose for two consecutive months and it soared to the seven-months high in January 2023.
The trading volume dipped to a low of 662 million USD in November last year, which rose to 683 million USD in December with a significant jump in January hitting 946 million USD.
The DappRadar data showed Ethereum, Solana, Polygon, IMX, Flow, and several others remain the top blockchain networks to witness the increasing NFT trading volumes during the time.
Digital art piece market still holds a potential to cope up with the present struggling phase and emerge as one of the growing sectors. Statista expected the NFT market’s revenue to grow by the compounded annual growth rate (CAGR) of 18.55% between 2023 and 2027. This is likely to make the revenue of 1.601 billion USD in 2023 to reach 3.162 billion USD by 2027.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
