The trading volume of non-fungible tokens (NFTs) has dropped dramatically. According to Crypto Slam, famous collections showed a drop of up to 93% in transactions in the last month.
The market for non-fungible tokens thrived in 2021. More than US$40 billion was moved in the last year through smart contracts linked to NFTs.
However, over the last 30 days, the major collections of NFTs have shown a considerable reduction in trading volume. Crypto Slam ranks these collections by transaction volume, where Otherdeed comes out on top.
Thus, with nearly US$ 129 million traded in the month, Otherdeed saw transaction volume shrink 84.38%. For example, Bored Yacht Club (BAYC) moved about US$121 million in the market.
Similar to Otherdeed, Bored Yacht Club’s collection of NFTs saw a drop in trading volume in the month, with shrinkage of 61.37%. On the other hand, Azuki increased transaction volume in the same period.
NFTs drop by as much as 93%
As Crypto Slam points out, Azuki increased its trading volume of NFTs by 27.97%. Among the top ten collections in the market, only Azuki saw a monthly increase in trading volume.
Overall, NFT trading volume fell 66.64% in the last 30 days on the market. Among the ten most prominent collections, MoonBirds represents the worst monthly performance.
Thus, with a 93.45% drop in trading on the NFT market, MoonBirds traded just US$33.5 million in the last month. The second worst result was Otherdeed, which saw an 84.38% decrease in trading volume for non-fungible tokens.