Continued decline in the cryptocurrency market, has meant investors moving away from the speculative assets class.
Liquid Collectibles logs decline
In September, the total NFTs traded on Liquid Collectibles, the NFT liquid market maker on BNB Chain, was 296. This represents a 62% decline in NFTs sales count from the 480 traded on the platform in August.
With the year so far marked by a consistent decline in the general cryptocurrency market, interest in profile picture (PFP) NFTs has taken a hit. According to data from Dune Analytics, NFTs trading volume clinched an all-time high of $17.16 billion in January, 2022.
However, as the cryptocurrency market took a beating through the year, NFTs sales volume plummeted. At the time of writing, NFT sales volume stood at $53.43 million, declining by 97%.
Since the high recorded in January, there has been a severe decline in monthly trading volume on various NFTs marketplaces. Leading marketplace OpenSea has registered a 93% decline in monthly trading volume on the platform since January.
DappRadar data showed that only 58 addresses have used Liquid Collectibles in the last 30 days. With 128 transactions completed within that period by these addresses, a 28% decline in transaction count has been logged on the NFT liquid market maker. According to Heilig Leknud, the project’s marketing manager, the decline in trading on Liquid collectibles is attributable to the deterioration of “market conditions” and the “lack of (NFT) listings” by its users.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.
