According to recent data, the nonfungible token (NFT) market has consistently seen more sellers than buyers throughout April, as there hasn’t been a single day where total buyers exceeded sellers.
According to data from the analytics platform NFTGo, on April 26, there were only 7,907 purchasers, while 8,641 people attempted to sell their NFTs.
The NFT market reached its second lowest point in the previous twelve months on April 19, with 5,893 buyers — a minor increase from the lowest recorded date over the last twelve months, June 18, 2022, with 5,343 buyers. While more purchasers (18,495) were on the market on April 5, there were also 36,423 sellers.
According to the data, there has not been a single day in April in which the number of buyers exceeded the number of sellers on the NFT market, indicating a potential lack of demand that could be concerning for those intending to sell their NFT soon.
The last day purchasers outnumbered sellers was March 11, when 9,756 buyers outnumbered 9,744.
The rough market conditions have elicited diverse responses from the Twitter community.
Canary Labs co-founder Ovie Faruq tweeted on April 26 that the NFT market is “not functioning” at present.
As reported, the NFT market experienced a decline on March 12 following the collapse of Silicon Valley Bank, which caused traders to experience anxiety.
Before the bank failed, NFT trading volumes fluctuated between $68 million and $74 million on March 10, but on March 12, they dropped to $36 million.
The decline was mirrored by a 27.9% decline in daily NFT sales from March 9 to 11.
According to a report published on March 20 by CoinGecko, wash trading on the top six NFT exchanges increased for the fourth consecutive month in February, with a total volume of $580 million.
The market volume increased by 126% from the previous month’s level of $250 million, with the report attributing the increase to the overall recovery of the NFT market.
