Newsletter #103
Exploring NFT Marketplace Trends
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Qnguyen3 collects Polygon NFTs and they are especially focused on Meta Soccer, an NFT game. Definitely work a look. Browse Qnguyen3’s gallery at lazy.com/qnguyen3
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Exploring the NFT Marketplace Dip: Understanding the Factors and Staying Optimistic
Hey NFT enthusiasts! According to a recent report, the leading NFT marketplaces have seen a dip in daily users and sales, hitting lows similar to July 2021. This trend is visible across top platforms like Blur, OpenSea, and LooksRare. Let's dive into the data and explore some possible reasons for this decline.
On April 19th, unique users across these marketplaces dropped to 7,805, the lowest since July 31, 2021. Sales also fell to 16,149 on April 19th – a level unseen since November 2021. At the same time, both OpenSea and Blur have experienced significant drops in users. For example, OpenSea's daily trader count fell to 10,640 on April 18th, nearing a July 2021 low.
The downturn's causes aren't immediately clear, but experts like SeaLaunch.xyz believe a combination of factors, such as high gas prices, tax season liquidity issues, and the recent meme coin trading frenzy, might have impacted NFT marketplaces. Researcher Hildobby also suggested to CoinDesk that a lack of exciting developments in the NFT space could be contributing.
Despite the downturn, trading volume in Ether (ETH) across NFT marketplaces has remained stable over the last 30 days. Additionally, Uniswap has gained daily active users over the past two weeks, outperforming OpenSea and Blur.
It's also worth noting there has been an unusual falling correlation between Bitcoin and Ether since mid-to-late March. This suggests bigger trends in the broader crypto economy understanding might be at play. This decrease signals an unpredictable period for the crypto economy, implying that BTC and ETH might not move in tandem, leading to increased market volatility and unique opportunities for investors.
In summary, while the decline in NFT marketplace daily users and sales is significant, it's important to consider the various contributing factors. The situation could be temporary, given the market's inherent volatility and potential for new developments. As participants in this dynamic landscape, it's crucial to keep an eye on market trends, adapt to changing circumstances, and maintain a positive outlook for the future of NFT marketplaces.
Learn more at CoinDesk, Dune Analytics and Coinbase.
This week’s poll: When do you think NFT marketplaces will see a return of users?
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