Since the beginning of 2021, with the hype of high-priced NFT and the blessing of "celebrity effect", the popularity of NFT has spread to the entire Internet. The rapid emergence of NFTs has led to a large inflow of funds into the market, which has pushed the market value of the entire NFT market into a bubble.
In February 2021, the daily transaction volume of NFT was only 6 million US dollars. After a year of development, from January 10 to February 10, 2022, the daily transaction volume reached as high as 1 billion US dollars, although the heat in March and April decreased. , the daily trading volume remained at around $300 million.
Oukechain found that since May 2022, the average daily transaction volume of NFTs has dropped rapidly, and the floor prices of various popular NFTs have dropped to half of the high price. Problems may have contributed to the current state of the market downturn.
As of August 16, 2022, the average daily transaction volume of NFT is only 22 million US dollars, and the transaction volume from the hot high of 1 billion US dollars has dropped by 97.8%. The NFT hype seems to be gradually cooling down. This change is conducive to people thinking about the copyright transaction of digital works brought by NFT, and focusing on the value of the artwork itself.
Open Sea is the largest platform in the NFT market, accounting for 90% of the market as early as 2021. On January 10, 2022, the LooksRare platform was officially launched, which can be described as a huge momentum. The surge in the popularity of the platform grabbed 70% of the market share, and the share once surpassed Open Sea.
Although there are many platforms, with the release of OpenSea's high-quality NFTs, the popularity of Azuki and Moon birds on the platform has made OpenSea far ahead of other platforms, causing the market share of LooksRare to drop to 30%, and Open Sea alone occupying 65% of the market share.
