blockchainreporter.net
Data from the analytics platform NFTGo indicates that the NFT market experienced an ongoing trend of having more sellers than buyers in April. Not a single day during the month showed an exception to this pattern. On April 26, there were 8,641 NFT sellers attempting to sell their tokens, while only 7,907 buyers were present, as revealed by recent data.
On April 19, the NFT market experienced its second-lowest point in the past year, with only 5,893 buyers, showing a minor increase from the lowest point recorded on June 18, 2022, with 5,343 buyers.
According to the data, on April 5, the NFT market had 18,495 buyers but also had 36,423 sellers. Throughout April, the data indicates that there wasn’t a single day where the number of buyers surpassed the number of sellers in the NFT market.
The absence of buyers outweighing sellers in the NFT market throughout April indicates a possible lack of demand, which may raise concerns for those intending to sell their NFTs soon. The data highlights that the last recorded instance where buyers exceeded sellers occurred on March 11, with 9,756 buyers and 9,754 sellers.
The Turbulent Market Conditions
On Twitter, various community reactions have emerged in response to the tumultuous market conditions. Ovie Faruq, the co-founder of Canary Labs, expressed his view that the NFT market is currently “not functioning” in an April 26 tweet.
For the last year, daily NFT traders ranged from 20-60k.
— Mando (@rektmando) April 26, 2023
In the last few days it dropped to 7k
This market is not functioning atm. pic.twitter.com/akqKuWHmxr
According to reports, the NFT market witnessed a downturn on March 12 due to the collapse of Silicon Valley Bank, which triggered fear among traders. Prior to the bank’s collapse, NFT trading volumes ranged between $68 million to $74 million on March 10. However, on March 12, they dropped to $36 million.
During the dip, there was a 27.9% decrease in the daily NFT sales count observed between March 9 and March 11. A CoinGecko report from March 20 revealed that the top six NFT marketplaces experienced a consistent increase in wash trading throughout February, with a total volume of $580 million.
According to the report, the NFT market experienced a 126% surge in volume compared to the previous month, which was $250 million. The report attributes the overall market recovery as the reason for the increase.