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DappRadar: NFT Market Activity Has Been Waning Over Past Few Months

ByLouis Adams

May 22, 2023 #NFTs
Reading time: < 1 minute

An analysis from DappRadar has found that NFT market activity has been waning over the past few months, with trading volume down since January this year.

In May, total transactions were worth approximately $333 million. A DappRadar analyst notes that whilst the number of market participants is similar to April, May is likely to produce an increase in capital transacted.

This decrease has been attributed to the influx of new customers with fewer funds available. Nevertheless, the number of wallets on NFT platforms has increased, with owners making 2.3 million transactions over a three week period.

The market leader, Miladys, was at the forefront of transactions and Ethereum continues to lead the number of hosted tokenized collections.

Transactional activity is also flourishing on other blockchains. Solana and Polygon have seen an uplift in sales by 27% and 13% respectively, based on DappRadar’s report.