NFT Sales and Users Drop to Lowest Level Since July 2021

Previously, global NFT sales data from DappRadar, supplemented by additional on-chain data from Dune, showed that NFT trading volume reached USD 1.95 billion or the equivalent of IDR 29.1 trillion (assuming an exchange rate of IDR 14,965 per US dollar) in March 2023.

Reporting from Decrypt, Thursday (6/4/2023), this value decreased by around 4 percent from the total NFT trading volume throughout February 2023 of USD 2.04 billion or the equivalent of IDR 30.5 trillion.

Most of that trading volume again came from the Blur NFT market, with nearly USD 1.35 billion worth of Ethereum NFTs trading on the market, slightly up from around USD 1.32 billion or IDR 19.7 billion. trillion in February.

Blur’s trading activity spiked in mid-February when the market launched its BLUR reward token, which has prompted a mass reversal from “whale” traders that is, traders who hold large positions in certain collections and act as market makers.

The spike in trading volume, and the resulting increase in sales of the NFT market as a whole, has raised the question of whether such trading activity should be categorized as “manipulated trades” or even “wash trades”, as data platform CryptoSlam has done.

However, DappRadar considers it a legitimate trade, and the trend continues with more promised token rewards for users.

OpenSea, still the leading NFT marketplace in terms of total unique wallets, recorded trading volume of USD 424 million or equivalent to IDR 6.3 trillion in March, down from USD 587 million or equivalent to IDR 8.7 trillion in February.