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Saturday, December 3, 2022

NFT Market Records Continue To Waver Despite Increasing Acceptance

The quarterly trading activity of NFTs within the blockchain space has fallen to $114.4 million closely, according to research gathered via Dune Analytics.

When compared to the amount of $6.2 billion observed towards the close of January, this is a 98% drop. Earlier in April, the weekly NFT dealing activity hit a record high of over $146.3 billion before precipitously dropping in the month of May as the current crypto market downturn got underway.

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But simultaneously, the amount of wallets with a minimum of one Nonfungible Token has increased dramatically, reaching 3.36 million by the close of January to 6.14 million today.

The Non-fungible token markets have also witnessed a significant shift from the year’s beginning when the marketplace LooksRare accounted for the majority of the USD trade volume. Since then, it has returned to OpenSea.

NFT Acceptance Despite The Market Slump

As a portion of a larger decline in the rate of Ether, the most popular cryptocurrency earlier used to purchase and trade digital artifacts, the price of these tokens has also dropped significantly. In contrast to early January, when a Non-fungible token typically brought over $2,000 per transaction, the average price now is just about $285.

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Despite the market slump, ingenuity would continue to fuel NFT acceptance, according to Tony Ling, developer of NFTGo, during a talk with Cointelegraph. In recent times, Mastercard has launched NFT-specific debit cards, while Austrian post offices have dabbled with Non-fungible token stamps of various kinds.

For owners of CryptoPunk Non-fungible tokens, luxury jewelry brand Tiffany & Co. seems to recently develop personalized pendant expertise. However, the market of NFTs has been becoming worse month after month as the average weekly trading activity has decreased from its position in August by roughly 30%.

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