- After the decline in trading volume during February and March, NFT trading is picking up and has managed to exceed $12 billion in the first quarter of 2022.
Digital assets have had such an impact on people in recent years that by-products have emerged that have also turned out to be success stories. An example of this are the so-called non-fungible tokens, digital files that function as a type of virtual seal, in order to give the file a sense of “unique piece”.
This type of tokens has had a significant growth in the last year, managing to set records last January. However During the month of February, it presented a gradual drop in trading volume, a decrease that continued its decline until last March.
However, “there is no harm that does not come for good” says a popular saying and certainly, at least in the NFT sector it seems to be so, at least that is what the media indicates Decrypt given that recent data shows that there is a rebound in the market for non-fungible tokens, in fact, the total volume of trade in the first quarter of this year managed to reach over $12 billion dollars.
NFT market flourishes again
According to the information provided by the DappRadar portal, During the first month of the year, the largest NFT market managed to achieve a total volume of operations of $5.63 billion dollars, in the month of February it reached $3.87 billion dollars and closed the month of March with $2, 630 million dollars.
Adding these amounts, there is a total of operations that places the market of non-fungible tokens very close to $12.13 billion dollars as the final amount to close the first quarter of this year.
However, this is an encouraging figure sinceYou should consider that the largest market managed to capture $25 billion in trading volume throughout the entire past yearaccording to what was collected by the site DappRadar. This could suggest that year over year, there could be potentially considerable growth.
Token Trading
In this way already In this fourth month of the year, the platform managed to grab approximately $669 million in Ethereum volume.
Likewise, the reports made by DappRadar have made it clear that Throughout the first quarter of this 2022, a total of $27.7 million of non-fungible tokens were traded on all platforms.
It is noteworthy with these data, that the number of non-fungible tokens traded month by month, did not present a drop at the same rate as the trading volume, since it went from $11.3 million dollars in January to more than $7 million in the third month of the year, which represents a decline of 38 percent, especially when compared to the decline in monthly trading volume between January and March of 55 percent.
So, despite all these ups and downs, everything seems to indicate that the NFT market is consolidating again, preparing for a great year.
Trading volume on OpenSea picks up
Similarly, the daily trading volume reported by the OpenSea market, indicated that a gradual decline was reported during the past month of February and early March.
However, said volume has begun to recover, showing signs of recovery in the last fortnight. In fact, this past April 3rd is the day that OpenSea’s best single-day trading volume for Ethereum has been reported over several previous weeks, raking in a value of $173 million.
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