NFT liquidity has taken a dive as marketplaces fight fiercely for a smaller pooler of traders and investors. In response to the trends, some marketplaces are offering incentives to keep traders on their platforms. Will it work?
NFT liquidity refers to the ease and availability of buying and selling non-fungible tokens (NFTs) in the market. When NFT liquidity is high, willing buyers and sellers are plentiful, facilitating smooth and active transactions. On the other hand, low liquidity signals a drop in trading activity and a challenge in finding counterparties for trades.
NFT Daily Trade Volume Continues to Fall
According to data from Dune, daily trades have been steadily falling for the past 3 months. On March 13, approximately 44,000 NFT trades took place. However, on June 12, that number was closer to 25,000.
According to the recent DappRadar report, In May 2023, NFT sales might have fallen below $1 billion for the first time this year. Although the full story isn’t quite so simple.
In the report’s analysis, active wallets associated with NFT activities witnessed a 27% increase in May. The growth was attributed to the Miladys NFT collection, which received a significant boost from
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Author: Josh Adams
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