The decline in the NFT industry has continued. According to DappRadar, the trading volume of OpenSea has declined by 67 percent since the beginning of March, while the trading volume of LooksRare and Magic Eden has decreased by 84 percent and 85 percent, respectively.
By the end of March, overall NFT transaction volume had fallen to historic lows, indicating that the much-heralded space was in for a dramatic downturn in value.
In March, there were approximately 630,000 unique purchasers, indicating that the market would require a significant change of events in order to recover to its previous highs of the year.
It’s actually surprising that OpenSea Biggest and most popular NFT Marketplace –
Compared to the beginning of 2022, when the space enjoyed record trading volumes, NFT sales have been a far cry in the last couple of weeks.
Because of a decline in demand for NFTs, the number of unique NFT buyers dipped below 800,000 in February for the first time since October 2021, according to Google Search statistics.