NFT Sales Plummet as Crypto Trading Volume Soars

NFT Sales Plummet as Crypto Trading Volume Soars

In a notable downturn for the non-fungible token (NFT) market, sales volumes registered a nearly 14% decline on Friday.

This decline marks the fourth consecutive week of diminishing NFT sales, standing in stark contrast to the skyrocketing numbers seen across other crypto sectors throughout March.

For instance, data from Nasdaq.com reveals that the collective trading volume on centralized crypto exchanges nearly doubled, reaching a staggering $9.1 trillion for the month.

This surge aligns with the bullish momentum of Bitcoin and the anticipation surrounding the upcoming halving event slated for later in April.

Despite the flurry of activity on both centralized and decentralized crypto exchanges during March, NFT marketplaces struggled to maintain momentum, experiencing weekly declines.

This trend persisted through the week ending April 5, with six major blockchains witnessing downturns in NFT sales, according to Bitcoin.com, citing data from CryptoSlam.

Bitcoin NFT sales suffered an 18% decline, totaling approximately $67 million compared to the previous week. Meanwhile, Ethereum followed closely with $64 million in sales, representing a 9% decrease.

The news of declining NFT sales comes amidst a broader crypto landscape characterized by robust trading activity, indicating a potential shift in investor sentiment and preferences within the digital asset space.