Nonfungible Token (NFT) sales are still in the gutter since their boom in popularity last year – and FTX’s bankruptcy has done nothing to help their prospects.
Weeks after the exchange’s collapse, NFT volumes have plummeted to a 16-month low.
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- According to data provided by Dappradar, NFT trading activity hasn’t seen such lows since July 2021, when OpenSea – the world’s largest NFT marketplace – was the only major trading venue in town.
- Volumes soared close to $4 billion in the following month, with most volume still driven by OpenSea.
- While LooksRare began gaining traction in early 2022, it quickly fell out of favor as it competed for market share with multiple rivals in a rapidly shrinking market.
- In November, Magic Eden was the only NFT marketplace tracked by Dappradar to see increased sales, netting $94 million in volumes in November compared to $58 million in October.
- Meanwhile, OpenSea volumes declined from $226 million to $174 million, and X2Y2 fell from $145 million to just $69 million.
- OpenSea was forced to lay off 20% of its workforce in July due to a combination of macroeconomic pressures and crypto’s cyclical bear market. Its monopoly in the NFT market has largely diminished since that time.
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