If you want a quick-and-dirty way to measure the state of the NFT market, it’s worth taking a look at statistics from OpenC, currently the most well-known NFT marketplace in the crypto industry. The market broke record after record in terms of monthly volume and NFTs sold in late 2021 and early 2022, but things have been going downhill since then.
As we approach mid-April, it’s time to try and see if this month will set a new low, a new high, or something in between.
‘sea’ you on the other side
At press time, Dune Analytics showed that monthly trading volume for OpenC [Ethereum] There were about $1.48 billion in April 2022. Although much lower than March’s total of $2.48 billion, April’s monthly volume could easily outpace March if traders maintain their momentum.
On that note, could April be the month when traders surpass the all-time high of January 2022? This is unlikely when considering macroeconomic conditions, inflationary FUD, and the rise of more rivals – such as the Solana NFT being listed on OpenC.
Well, could another culprit be the general problem of extraordinary gas charges on Ethereum? This is also unlikely, as the average gas price on April 14 was 53.37 Gwei. In fact, March’s disappointing numbers came despite an unusual reduction in gas tariffs compared to April.
Another curious factor to note here is that according to Dune Analytics, the daily volume on OpenC [Ethereum] It looked like they were going to make a strong recovery in April. However, they soon fell again, causing traders to worry about the fate of the NFT market.
‘Dorcy’ what am I looking at?
Called the “Mona Lisa of the digital world” by its buyer, an NFT featuring the first tweet from former Twitter CEO Jack Dorsey was sold last year to Bridge Oracle CEO Sina Estavi for $2.9 million. However, on April 14, the top bid for the said NFT was just over $12,000 at press time.
While many traders – and NFT critics – wondered whether this was a sign of a dying frenzy, it is worth noting that at press time, Bored Ape Yacht Club saw sales of $5,094,542 over the past 24 hours.
Clearly, NFT art is as subjective as it is fungible.