NFTs suffers decline as weekly volume dips

NFTs
TL;DR Breakdown
  • NFTs record decline to dip weekly volume
  • NFT market cap declines to $19.5 billion
  • Analysts tip NFTs to recover loses

NFTs have experienced a shocking awakening in the last 24 hours after recording a massive decline in the market. Just days ago, there was news about a crash in the general market of about 92% in cumulative value. The fairytale NFT market is presently on the road to normalcy, following the massive hype last year. According to various data, the performance of the NFT market across the first quarter has declined by 47%.

NFT market cap declines to $19.5 billion

Presently, the entire market is still following that path, as recorded by the analysis website, NFTGo. Looking into the details, Otherdeed has posted a massive decline of 50%, while Mutant Ape Yacht Club is just a little bit close at a drop of 46%. The only NFT in this group that has seen a relatively calmer bearish market is the Bored Ape Yacht Club NFT, recording a 25% decline.

The last 24 hours have not been fair on the general NFT market, which mirrors Yuga NFTs going by the massive decline of 31% recorded. In the same time frame, the prices of NFTs in the market are still the same despite the sector’s market cap taking a beating to stay at $19.5 billion. The three NFTs mentioned above are the top picks for the most traded across the market.

Analysts tip NFTs to recover loses

Looking at the market from a seven-day perspective, every other collection has shaved off more than 50% of its value. However, Otherdeed is still battling to stay afloat in the same time frame. This indicates that the market may soon be leaving the bearish territory as bullish signs are beginning to set in. In the top 10 NFTs according to trading volume, only three collections are seeing bullish signals.

These collections are Azuki, with a 7.5% increase occupying the fifth spot, while CyberBrokers, which trades at 4.12%, occupy the second place. One other NFT that is seeing more increase is the Doodles NFT, increasing 22.74%. Aside from the Yuga NFTs housed on Ethereum, more than eight blockchains occupying the top 10 positions have recorded massive losses in the market.

Sales have taken a beating of 22.5% among eight of the top 10, while only two are seeing a jump of 75.3%. Wallets in the NFT market are also steadily declining over the last seven days. The number of new wallets making a purchase has also taken a beating since this month. However, these movements have not caused analysts to go back on their predictions about the market.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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