NFT market a ‘game for pros’ in 2023 as volume declines


The NFT market is experiencing a contraction in 2023, with daily trading volumes falling significantly compared to previous highs, according to a recent NFT report by Galaxy.

Ethereum’s price performance has outpaced NFT projects, causing a breakdown of their longstanding positive correlation. Despite this, NFT activity remains higher than the 12-month lows in November 2022, with daily trading volume declining each month in 2023.

NFT marketplaces

Within the NFT marketplace sector, Blur has seen its trading volume dominance reach an all-time high of 80%, fueled mainly by airdrop farmers aiming to benefit from its season 2 token airdrop. “The top 1% of Blur traders account for 64% of the platform’s volume,” compared to only 20% on OpenSea.

OpenSea, which caters more to the retail collector market, has moved to lure professional traders with a pro trading platform and reduced fees, resulting in a consequent uptick in trading volumes to 23.7% (+52%), while Blur’s decreased 15%.

It is a bold move for OpenSea to compete for professional traders’ attention as whale activity on…

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