Royalqatarlcd： Explanation of the reasons for the shrinking #NFT market

 #Royalqatarlcd：


Explanation of the reasons for the shrinking #NFT market
Royalqatarlcd pointed out that 2021 is the first year of NFT. The NFT market peaked in trading volume of $4.8 billion in early 2022, and there was a cliff decline in June this year. Opensea’s monthly trading volume was only $690 million.
Whether NFT players feedback from the community or analysts analyze the on-chain data, they all say that the cold winter of NFT is coming. Referring to the number of NFTs sold each month on opensea, the total monthly transaction frequency of the NFT market after March has not changed as much as the trading volume shrunk.
Reasons for shrinking trading volume:
A large part of the contraction of trading volume is affected by external factors. For example, at the macro level, liquidity withdrawal and more intuitive ETH prices fell. The entire crypto market is experiencing a bear market, and many assets are falling to varying degrees. Looking at the NFT market alone, blue chips can’t survive the bear market. BAYC fell by about 50%, and Azuki, Clonx and Coolcats all fell by more than 60%.
Another part of the reason for the contraction of the overall trading volume of NFT is that NFT players are not paying for the narrative of the community and are not optimistic about the future development of the community. This period really tests the player’s ability to investigate projects. Some projects go online and rug directly. Some naked “clone sheep” imitate hot projects and run away after cutting, and some are the process on the roadmap indefinitely postponed. They seem to be doing things every day but never deliver the results. Freemint’s three features are particularly innocent during this period. I don’t want you to pay for mint, but I don’t have a road map. There is no discord and no practicality. Together, we all rely on finding value in price increases. Empty Glove Golden Dog has become the best narrative in the freemint community.

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