According to Sandra Leow, an analyst at Nansen, a blockchain data analytics platform, there is currently no clear end in sight for the NFT (Non-Fungible Token) market downturn. In a recent report, Leow assessed the state of NFTs, examining factors such as prices, volumes, and marketplace competitiveness. The analysis suggests that both the prices of NFT collections and on-chain data indicate a persistent “NFT winter.”
As of the report’s writing, the total NFT market capitalization is approximately 2.6 million ETH, equivalent to around $4.3 billion. It is worth noting that the NFT market cap reached approximately $3 trillion in November 2021. Despite the decline in market cap, Leow highlighted that volume and liquidity remain thin across various NFT collections.
Furthermore, the report pointed out a significant decrease in the average number of NFTs bought and sold per wallet since 2021. This trend indicates a decline in trading activity within the NFT space. Overall, the analysis suggests that the NFT market is still facing challenges, and a recovery or resurgence is not immediately apparent.
