LIVE CRYPTOO Profile picture
Apr 5 31 tweets 7 min read
#NFT Market Rebounds After Weak March as Q1 Trading Tops $12 Billion
While volume fell again last month, #OpenSea daily trading volume is climbing and the market posted a sizable first quarter tally.
The #NFT market saw depressed trading volume for the month of March, but daily trading volume is climbing in recent weeks.
Overall, the market generated more than $12 billion worth of trading in Q1 2022, per #DappRadar.
After setting records in January, the #NFT market saw gradually sinking trading volume over the course of February—and that decline continued into March.
But the latest data suggests that #NFT trading is on the rebound of late, and total trading volume in Q1 2022 topped $12 billion.
According to data provided by DappRadar, the wider #NFT market generated $2.63 billion worth of total trading volume in March across all platforms.
That figure is down from $3.87 billion in February and $5.63 billion in January.
All told, that puts total #NFT market trading volume at about $12.13 billion for the first quarter of 2022.
Considering that the wider market generated $25 billion in trading volume for all of 2021, per DappRadar, it suggests a potentially sizable year-over-year increase to come for 2022 if the market continues at this pace.
Daily trading volume on leading marketplace #OpenSea (via Dune Analytics) declined gradually across February and into early March.
However, it has been climbing over the last two weeks, and Sunday (April 3) was OpenSea's best single day of #ethereumNFT trading volume in weeks with $173 million worth.
Already in April, the platform has logged about $669 million of #Ethereum volume
DappRadar’s figures show that 27.7 million total #NFTs were traded across platforms during the first quarter of 2022.
Interestingly, the amount of #NFTs sold each month didn’t decline at the same rate as trading volume, dropping from 11.3 million in January to over 7 million in March—a 38% dip, compared to a 55% drop in monthly trading volume between January and March.
“Volumes are indeed down, far from the high January numbers,” explained Pedro Hererra, senior data analyst at DappRadar.
“However, the number of trades and unique traders is increasing which shows that the demand for #NFTs is still strong, and the market is maturing.
We also see increased activity in blockchains not called #Ethereum , namely #Avalanche and #Solana,” he said.
DappRadar’s figure accounts for only "organic" volume, omitting suspicious activity on LooksRare
An #Ethereum-based marketplace that has seen rampant “wash trading,” or trades of #NFTs that are sold for massively inflated sums back and forth between the same wallets
LooksRare offers token rewards, and some traders have sought to manipulate that model by selling NFTs between multiple controlled wallets for as much as $50 million worth of ETH each way.
LooksRare had generated more than $8 billion worth of wash trading in less than a month.
At the time, about 87% of LooksRare trades were considered to be manipulated, or not organic.
Now CryptoSlam pegs the total of LooksRare wash trades at about 95%
DappRadar reports that LooksRare has registered about $19.7 billion worth of trading volume through the end of March.
The largest NFT projects in March, according to data from CryptoSlam, include the #BoredApeYachtClub, which registered over $227 million worth of trading volume on the back of hype around #ApeCoin (APE).
The #MutantApeYachtClub likewise topped $155 million in March, while upstart project Azuki generated nearly $106 million worth of trading volume.
Ultimately, Herrera believes that despite depressed numbers in March
The data suggests that NFT buyers are getting smarter—and projects seen as scams or cash grabs are having limited impact as the market matures.
“There are NFT collectors that have been in the space for over a year and are now knowledgeable enough to distinguish good projects from bad ones
“All in all, the market is consolidating and is primed for an excellent year,” he said.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with LIVE CRYPTOO

LIVE CRYPTOO Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @livecryptoo

Apr 5
Ledger Buys Land in The Sandbox as Part of Metaverse Push to Educate Crypto Newbs Image
#Ledger founder and CEO Ian Rogers said that the better people can understand hardware wallets, the more likely they are to become customers.
Piece by piece, the #Metaverse is absorbing elements of meatspace, starting with the old school crypto companies.
Read 25 tweets
Apr 5
Germany shuts down servers for Russian darknet marketplace Hydra
#German authorities shut down the server infrastructure for the #Russian darknet marketplace Hydra, seizing €23 million (~$25.2 million USD) worth of Bitcoin in the process, Germany’s Federal Crime Police Office (BKA)
Hydra is a large marketplace on the dark web that serves as a hub for drugs, stolen credit card information, counterfeit bills, fake documents, and other illegal goods or services.
Read 15 tweets
Apr 5
A #Decentralized #Google Maps? #Solana-Based Hivemapper Raises $18M to Build It
Hivemapper rewards users with tokens for passively capturing mapping data with dashcams in a model inspired by Helium.
Hivemapper, a decentralized digital mapping network, has raised a $18M Series A.
Read 33 tweets
Apr 5
#Strata Raises $1.5M to Build a No-Code Token Launchpad on #Solana
Strata has raised a seed round from Multicoin Capital, Alameda Research and others to offer a no-code launchpad to play-to-earn games and social token projects.
Token launch and management protocol, Strata, has closed a $1.5 million seed round led by Multicoin Capital. #Solana Ventures, Asymmetric Partners, Alameda Research, and Starting Line also participated in the round.
Read 25 tweets
Apr 5
Lightning Labs Raises $70M to Bring Stablecoins to #Bitcoin
The Taproot-powered “Taro” protocol aims to bring low-fee stablecoin and asset transfers to the Bitcoin Lightning Network. Image
#Bitcoin is getting a boost by way of a new Taproot-enabled protocol known as Taproot Asset Representation Overlay, or Taro (like the root vegetable, not the playing cards).
Read 26 tweets
Apr 5
Does the UK’s Royal Mint #NFT have a flagrant design error?
The UK Government has released it's picking up intonon-fungible tokens with the reveal of a arranged'Royal Mint'#NFT for this summer
UK Chancellor Rishi Sunak has asked the 136- year-old institution that makes the UK's #currency to come up with a new digital commemorative to lead its" fiscal request structure sandbox", as the press release countries.
Read 17 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(