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Concerns about a global recession have led some investors to look for alternative markets to achieve better yields.up to date research According to BestBrokers’ response, the sector is in the best quarter ever, making NFTs a potential alternative market for investors.
In the first and second quarters of this year, the total number of NFT transactions exceeded 11 million, and the fourth quarter ended with 12 million NFT transactions.
The increase in trading volume is the exact opposite of the sharp decline in US dollar trading volume that NFTs saw last quarter. The beginning of the bear market and the volatile price fluctuations of the last few months have wiped out more than $ 1.3 trillion from the crypto market. While trading volumes for both spot and derivative trading have declined, NFTs seem to be changing more than ever.
According to BestBrokers data, 12 million NFT transactions are occurring in the largest markets such as OpenSea, LooksRare, Rarible, SuperRare, LarvaLabs and Foundation. Trading volumes increased 9% from the 11 million transactions recorded in the first quarter, up 2,857% year-on-year.
Since its first mainstream in 2021, NFTs have exploded in popularity. In December 2021, the number of NFT transactions reached 1.7 million, an increase of more than 9,300% in less than 12 months.
Analysts believe that while the global market is declining, the rise in NFT trading shows that bulls are looking for opportunities even in the worst market conditions.
Best Brokers analyst Alan Goldberg said that despite the rapid decline in cryptocurrency prices, NFTs still offer great opportunities for long-term and short-term transactions.
“Traders find it more attractive than the traditional assets of the bear market today, as the number of NFT transactions has increased significantly as the global economy as a whole has fallen in 2022.”
Goldberg explained that the fall in prices is also a great opportunity for traders to acquire popular irreplaceable tokens with a very low US dollar value. And since many investors are hoping for a future recovery, the transaction will always be repaid.
“Many analysts are discussing the Bitcoin Bear Cycle with Crypto Winter, but it’s worth considering the fact that crypto assets can bounce off with other markets rather than alone in this suffering. Yes, the shift in trader’s interest to the NFT market in some way only proves that blockchain technology is well established and should not be canceled, “he added. ..
