Crypto Trading Volume and NFT Sales Drop Over 30% in April

The crypto and NFT markets experienced significant declines in April, signaling a period of cooling off for digital asset transactions. This shift reflects investor caution and a reevaluation of asset values amid changing market dynamics.

Spot trading volumes on centralized exchanges (CEXs) saw a substantial decrease, plummeting by 35.7% from March's $2.49 trillion to $1.6 trillion in April. Binance, the largest player in the field, accounted for 43.7% of this volume, totaling approximately $699.25 billion.

Similarly, the NFT sector also witnessed a downturn, with NFT sales dropping to $1.15 billion in April, marking a 31.26% decline from the previous month. The decrease in sales was accompanied by a significant reduction in the number of active NFT buyers and sellers, indicating a decline in market interest. Buyer participation fell by over half (51.88%), while seller activity decreased by 45.72%.

This decline was evident across various blockchains where NFTs are commonly traded. Ethereum and Solana, for example, saw dramatic decreases in NFT sales, with Ethereum's transactions halving (down 56.8%) and Solana experiencing a 39.4% decrease. However, a few exceptions, such as Immutable X and Avalanche, registered increases in NFT transactions.

Negative trend, specific Bitcoin-based NFT collections defied the downturn. In April, The Bitcoin Puppets and the Bitcoin-based WZRDs collection saw significant increases in value, skyrocketing by 2,064.97% and 25,796%, respectively. These exceptions highlight the resilience and potential of certain Bitcoin-based NFT projects amid market volatility.

#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR