NFT sales are expected to increase by 6% to $21.1 million by the end of the third quarter, despite overall trading volume down 75%, according to the latest from DappRadar. report good.
The number of unique NFT traders increased by 36% compared to the third quarter of 2021, despite a drop in price and market volume during the coldest winter in crypto history.
The report stated:
“Considering the number of brands implementing NFTs and the number of unique merchants this quarter (2.2 million), the NFT market will continue to expand in 2023, but the road ahead will be rocky,
Ethereum Loses While Irreversible X Gains
When considering the dominance of sell count in the NFT market, Ethereum (ETH) seems to hold the most significant share with 26.2%.
However, Ethereum suffered significant losses during the third quarter of 2022. The top 100 Ethereum NFT projects lost 44% of their total market cap, down by $19 billion compared to the previous quarter.
Irreversible X (IMX) NFT registered growth during the third quarter. According to the report, its trading volume has increased by 87 percent from the previous quarter, which shows the potential of Web3 Games.
Fashion NFT prevails while gaming and sports decline
The report analyzed the performance of fashion, gaming and sports NFTs individually to find out all recorded decreases during the third quarter of 2022. However, fashion is still better than the other two when considering the degree of degradation.
Gaming NFTs posted a sharp decline from $1 million in the first quarter to $71 million in the third quarter of 2022. The declining trend in sales fell from 12 million to 3.3 million.
Despite the significant drop, the blockchain gaming market is still valued at over $8.6 billion. The sector registered significant expansion in August 2022 with approximately 847,000 Daily Unique Active Wallets (UAW).
A study conducted earlier this month claimed that the sports NFT market doubled to reach $2.6 billion in 2022. While there may be an increase compared to 2021, the DapRadar report discovered a further significant decline compared to the 2022 quarters.
According to the report, the game NFT market generated $128 million in business during the first quarter and recovered over 40 million in sales. During the second quarter, trading volume declined 63% and sales declined 54%.
The third quarter of the year recorded an additional decrease of 61% and 47% for trading volume and sales, respectively.
Fashion NFT also reported a decline in the third quarter, with trading volume of approximately $2 million in the third quarter, compared to $16 million in the second quarter.
The report argues that fashion NFTs are the strongest segment of the NFT market, as their demand is one of the strongest. Tiffany & Co. NFTs sold out in 20 minutes below the mint price of 30 ETH, generating $12.5 million in revenue.
Credit : cryptoslate.com