During the most recent negative recession, the non-fungible token (NFT) and play-to-earn (P2E) categories suffered the most. To determine the extent of the collapse that the Ethereum (ETH) NFT sphere was subjected to, data analysts monitored the key parameters of the market.
From $5.1 billion to $568 million: Ethereum NFT segment registers its worst month since FTX collapse
For Ethereum (ETH) NFTs, July 2023 was the lowest month since November of last year; monthly trading volume on main markets fell to $568.5 million in equivalent. As a result, the segment’s trade volume has decreased by about 90% when compared to the astounding figures from January 2022.
A group of NFT data researchers called Sealaunch released their computations via a dashboard that they created specifically for the Dune Analytics platform.
In the meantime, there were just 107,000 unique NFT holders, a multiyear low. It decreased by more than 66% in the past 12 months alone.
Furthermore, the number of unique addresses for OpenSea transactions each month has decreased to 64,600, which is likewise less than two-year lows. Not to mention, the total number of NFT sales decreased by 82% from the February 2022 peak.
For background, according to U.Today’s guide, the biggest projects related to the metaverse lost more than 95% of the capitalization volumes of their currencies.
Rise and further rise of Blur (BLUR) marketplace
However, this recession also gave certain new actors the opportunity to gain market domination. OpenSea was surpassed by the innovative project Blur (BLUR), which made waves with its airdrop and took the lead in several metrics.
For example, its trading volume exceeded OpenSea’s by 300% in July 2023. Blur (BLUR) even managed to overtake OpenSea in terms of NFT sales in the first quarter of 2023.
The researchers observed that Blur (BLUR) achieved all of these feats while serving a 3x smaller user base than OpenSea.
