The NFT Market has brought about $12 billion worth of trading volume in the 1st quarter of 2022. This comes after a less than impressive trading volume in March with volumes crumbling at about $2.63 billion. Which is even less than February’s $3.87 billion – which was honestly itself a steep descent from January’s record-high trading volume of about $5.63 billion.
After the regressing trade trends in Q1, it is quite surprising to see that OpenSea reported a significant tally for the overall Q1 trading volume. The NFT market has bounced back after a decreasing daily trading volume since last month. In April alone, OpenSea has already logged about $669 million worth of Ethereum, with last Sunday recording the highest trading volume since weeks – a whopping $173 million worth of Ethereum. This implies that annualized metrics such as the platform’s YOY growth will begin to conquer the markets for non-fungible tokens, so as long the quarterly NFT performance remains somewhat steady.
Some may argue that the NFT demand will never be constant but then again, what is? For now, the demand seems potent enough to drive trades at an increasing pace. The market is booming with the advent of new NFT traders accelerating the number of trades. This in turn has compounded blockchain activity amongst a variety of crypto traders.
Some unfair means of trading have also contributed to this escalating demand, since cryptocurrency laws for some regions are dubious at best. But even with machinated trading, overall trade volumes continue to soar. With exceptions now and then, of course. Therefore, as the market develops in NFT trades, there isn’t a reason to worry about the demand, at least for now.
Methinks, the NFT Market has it’s own share of highs and lows, but for the foreseeable future – the market will eventually gain a steadier pace for the quarters to come.
