Decreasing Mania? NFT Trading Volumes Have Started to Decline
Investors’ appetite for trading non-fungible tokens (NFTs) seems to have significantly decreased after the all-time highs recorded in August. In fact, during the last three days, Ethereum-based NFT trading volumes have not surpassed $100 million, while at the end of August, they exceeded $500 million for a single day.
NFT Trading Volumes Heading South
According to a recent analysis by Alex Thorn – Head of Firmwide Research at Galaxy Digital – non-fungible tokens’ daily trading volumes have continuously declined every day after the start of September.
For example, on September 1st and 2nd, the NFT marketplace was near $300 million, while after September 10th, it has struggled under $100 million. On the contrary, the trading volumes were registering consecutive all-time high records in August, surpassing $500 million on a daily basis on August 29th.
Speaking of the impressive peak last month, it is worth noting that OpenSea – a major non-fungible token peer-to-peer marketplace – marked a massive milestone, as its trading volume hit the $1 billion mark.
Earlier, the platform saw nearly $100 million in total transaction volume within 48 hours. What’s more, this amount exceeded four times what OpenSea recorded throughout the whole of 2020.
Despite the September trading volume declines, though, the NFT industry has skyrocketed in popularity this year. It became quite appealing for athletes, singers, celebrities, musicians, and other prominent names who launched their various digital arts.
Who Exactly Took Part of The NFT Craze?
Among those famous people, some are especially engaged with the non-fungible tokens mania. Such is the case with the legendary quarterback Tom Brady.
The 43-year-old, arguably the most successful American football player, announced in April that he would release his own NFT platform called Autograph. By doing so, Brady planed to bring together notable names from various industries, including sports, fashion, pop culture, and entertainment. They would be able to develop personal unique digital artworks.
His idea seems to have been highly successful since Naomi Osaka, Tiger Woods, and Tony Hawk have already joined the platform.
The hip hop titan Eminem also jumped on the NFT bandwagon. The 15-time Grammy award winner dropped a collection of his own, dubbed Shady Con, after partnering with the digital art online auction platform – Nifty Gateway.
The American comics book giant – Marvel Entertainment – was one of the latest such examples. First, at the beginning of August, the organization joined forces with the blockchain-based digital collectibles marketplace – VeVe – to release Spider-Man NFTs. Shortly after, the entertainment company decided to expand its non-fungible token universe by adding a new digital collection, including Captain America, Bucky Barnes, and the Red Skull.
