NFT volume sees yearly low in June, but first-time buyers remain consistent

Nansen, a blockchain analytics service, has released the NFT Index Report for the second quarter of 2022. It shows the dynamics of the market and the quantitative performance of non-fungible tokens (NFTs) over the last three months.

The report identifies and determines key factors that contribute to the well-documented NFT bear market, such as Ethereum-based volume and transaction metrics, and market capitalization.

Starting with an analysis of Ethereum’s NFT volume statistics measured weekly over a monthly time frame, the report found that June was the lowest number for a calendar year.

Calculated in the six markets of OpenSea, LooksRare, Mints, X2Y2, 0x and CryptoPunks, NFT spaces experienced a significant decline throughout June, at least at economic levels, to around 600,000 Ethereum (ETH) in weekly trading. I’m getting closer.

By full comparison, the month before May recorded about 1.3 million ETH volumes per week, of which about 900,000 occurred solely in OpenSea.

Despite this short- to medium-term deflationary environment, monthly repeater and first-time buyer charts flicker long-term optimism and warranty beacons on long-term demand for space.

Related: The NFT market is sluggish as weekly sales volume declines by 30%

The former faces significant volatility from the turn of the year, from 55,000 monthly users in February to 35,000 in May and back up to about 48,000 in June.

First-time buyers, on the other hand, have been relatively stable at the 5,000 user mark since March this year, and their speculative mechanics and desire for NFTs on Ethereum as a medium of entertainment remain modestly attractive. Suggests.

This long-term bullish treatise is backed by a monthly user count that remains at the 650,000 level, albeit slightly down from 700,000 last month.

Related: Ethereum analytics company Nansen acquires DeFi tracker ApeBoard

When assessing the index for the entire NFT space, the report states that “everything except the game NFT at the end of the second quarter of 2022 recorded a bounce in June (as measured by ETH).”

The Blue Chip-10, Social-100, and Metaverse-20 are the best performing NFT ETH indexes throughout June, the latter making over 1,000 of the most notable advances in index scoring systems.

“The reversal of NFT trends began earlier than the broader crypto market,” Nansen said, witnessing a slight increase in index performance in June. “Risk-off sentiment is NFT. It is still very clear with the market and limited liquidity. ” […] It suggests that this upward trend may not persist. “