Last month, the NFT market saw a spike in trading volume on April 5th, followed by a significant 50% drop by the end of the month. The number of NFT sellers exceeds the number of buyers, indicating a potential oversupply in the market.

As these markets evolve and grow, investors and traders must stay abreast of the latest developments and trends. By examining the key factors driving the cryptocurrency and NFT markets, we can better understand the opportunities and risks associated with these emerging trends.

Data from this report was obtained from Footprint’s NFT research page. An easy-to-use dashboard containing the most vital stats and metrics to understand the NFT industry, updated in real-time, you can find all the latest about trades, projects, fundings, and more by clicking here.

Key Findings

Crypto Macro Overview

• The cryptocurrency market experienced ups and downs in April, with Bitcoin rising to $30,506 and Ethereum breaking through $2,100 on positive economic data.
• Despite some volatility, the cryptocurrency market stabilized towards the end of April, with Bitcoin pushing back towards $30,000 and positive sentiment prevailing.

NFT Market Overview

• The NFT market saw a spike in trading volume on April 5th but experienced a significant 50% drop by the end of the month.
• The number of NFT sellers exceeds the number of buyers, indicating a potential oversupply in the market.

Chains & Marketplaces for NFTs 

• Ethereum dominates the NFT market volume, but network congestion and fees may drive users to alternatives such as Polygon.
• Blur and OpenSea cater to high-end and retail traders, but both encroach on each other’s territory and may integrate.

NFT Investment & Funding

• Despi

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Author: Footprint Analytics

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