• NFT buyers continue to pile in despite overall sales decline

  • The market for unforgeable tokens seems to be showing good signs of consolidation and growth as the number of unique NFT buyers increases. While overall sales have declined, the arrival of new players in the space and blockchain-based games are leading to a booming market.

    According to Delphi Digital, the NFT market appears as strong as ever as the number of unique buyers grows. The report states that the market does not seem to be facing a negative turnaround despite the overall decrease in sales.

    Delphi Digital reports that daily sales of NFT have been decreasing since September 2021, but in line with this, the number of unique buyers has risen. One of its explanations for this is that the average ticket price has decreased as fewer cryptocurrency-native buyers have entered the market.

    The report also analyzes sales of NFTs of different valuations on different platforms. The data shows that SuperRare and OpenSea are the top markets for high-end NFTs, with SuperRare’s NFTs selling for more than $100,000 per day on six occasions. More commonly, though, both platforms have large daily average sale prices of $30,000 to $60,000.

    One notable aspect is that OpenSea is by far the most popular NFT marketplace, perhaps in part due to the number of retail NFT sellers that help on the platform.OpenSea’s market share represents 97.8% of the total volume of all NFT marketplaces.

    OpenSea has been very successful, with DappRadar showing impressive sales results. the NFT marketplace also dominates the rankings for ethereum burn, which is a record shortly after reaching $1.5 billion in monthly transaction volume in August 2021.

    Ether and Ronin lead NFT trading volume

    As for the networks dominating NFT trading volumes, Ether and Ronin, Axie Infinity’s sidechain, make up the bulk of the NFT market. Ether’s daily NFT trading volume exceeded $100 million in late August and early September and now stands at a few tens of millions of dollars. ronin is comparable to Ether in terms of trading volume, having declined in Q2 and Q3 2021 driven by the release of Axie.

    NFTs on the Wax network also appear to be experiencing a surge, as sales have spiked since the beginning of October.Delphi Digital attributes this to the growing popularity of blockchain games that use Wax NFTs.

    While the NFT market is still relatively new, it doesn’t appear that the market will be switching away from ethereum anytime soon. However, given the relative novelty of NFTs, it is likely that more players will enter the market, which can only set the stage for more growth.

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