- The NFT sector observed an alarming decline in interest. NFTs across Ethereum, Solana, and Bitcoin were impacted.
- BLUR’s Blend and Azuki Elementals played a huge role in the recent market drawdown.
At the start of the year, the NFT sector experienced a substantial increase in interest, driven by the introduction of Ordinals and other factors. However, over time, the NFT market witnessed a huge fall in overall market capitalization and volume.
Over the last year, activity across networks such as Ethereum, Bitcoin, and Solana fell materially. According to Nansen’s data, NFT sales across all marketplaces on Ethereum fell significantly.
Additionally, the number of active addresses on prominent exchanges also started to fall based on Messari’s data. OpenSea, SudoSwap and Blur observed a significant decline in activity over the past few months.
Source: Messari
How did this all start?
Parsec Finance’s
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Author: Himalay Patel
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