Since the beginning of April, there has not been one day where the total sellers on the NFT market have not surpassed the total number of buyers.
Recent market data has shown that throughout this month, the nonfungible token (NFT) market has constantly seen many sellers, without a single exception so far. Based on data from the analytics platform NFTGo, there were just 7,907 buyers on April 26, while there were 8,641 trying to sell their NFTs.
Several days before on April 19, the NFT market recorded its second lowest point in the last year, with a mere 5,893 buyers – a small increase from the lowest recorded date in the last 12 months, which was on June 18, 2022, with 5,343 buyers.
On April 5, there were many more buyers on the market – 18,495 – but there were also 36,423 sellers.
According to the NFTGo data, there has not been one day where the total number of buyers was more than the number of sellers within the NFT space, showing a possible lack of demand that might be worrying for those who are planning to sell their NFT soon.
The last recorded day that buyers exceeded sellers was on March 11, when there were 9,756 buyers and 9,754 sellers.
The turbulent market conditions have so far been met with different community reactions on Twitter.
In that context, the co-founder of Canary Labs, Ovie Faruq, said in a tweet on April 26 that the NFT market is “not functioning” currently.
For the last year, daily NFT traders ranged from 20-60k.
In the last few days it dropped to 7k
This market is not functioning atm. pic.twitter.com/akqKuWHmxr
— Mando (@rektmando) April 26, 2023
Previously, reports emerged that the NFT market recorded a considerable drop on March 12, after the abrupt collapse of Silicon Valley Bank resulted in lots of fear among traders.
Before the bank collapsed, NFT trading volumes were between $68 million and $74 million on March 10. But, on March 12, they dropped to $36 million.
That drop was also accompanied by a 27.9% plunge in the daily NFT sales count between March 9 and March 11.
Based on a March 20 CoinGecko report, the top six NFT marketplaces saw a surge in wash trading in February for the fourth consecutive month, with a total volume of $580 million.
This report indicated that the NFT market saw a 126% increase from the past month’s volume of $250 million – with the data collected attributing the general recovery of the NFT marketplace as the primary reason for that increase.
