Nonfungible Token (NFT) sales are still in the gutter since their boom in popularity last year – and FTX’s bankruptcy has done nothing to help their prospects.
Weeks after the exchange’s collapse, NFT volumes have plummeted to a 16-month low.
According to data provided by Dappradar, NFT trading activity hasn’t seen such lows since July 2021, when OpenSea – the world’s largest NFT marketplace – was the only major trading venue in town.
Volumes soared close to $4 billion in the following month, with most volume still driven by OpenSea.
While LooksRare began gaining traction in early 2022, it quickly fell out of favor as it competed for market share with multiple rivals in a rapidly shrinking market.
In November, Magic Eden was the only NFT marketplace tracked by Dappradar to see increased sales, netting $94 million in volumes in November compared to $58 million in October.
Meanwhile, OpenSea volumes declined from $226 million to $174 million, and X2Y2 fell from $145 million to just $69 million.
OpenSea was forced to lay off 20% of its workforce in July due to a combination of macroeconomic pressures and crypto’s cyclical bear market. Its monopoly in the NFT market has largely diminished since that time.
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