NFT Trading Volume Falls to Lowest Level Since 2021

The NFT market experienced last month its lowest trading volume since January 2021, according to a report from Binance Research.

The total trading volume for tokenized collections reached $299 million in the third quarter. The decline in activity on NFT platforms was attributed to the decreasing value of ether (ETH) and top digital collections.

NFTs such as Azuki, Bored Ape Yacht Club and Mutant Ape Yacht Club saw a drop of over 25% in trading volume.

Additionally, the average price of NFTs fell to $38.17, a significant decrease from its peak of $791.84 in August 2021.

The number of unique users on NFT marketplaces also decreased by 14%. Binance Research identified low liquidity in the crypto market and increased normal market pressures as the primary reasons for the capital withdrawal from the NFT market.

Among gaming NFT projects, Gods Unchained, Axie Infinity, NBA Top Shot, NFL All Day, and Mythical Beings were the most popular in the third quarter.