2 years ago
An nonfiction successful the Wall Street Journal has claimed income of non-fungible tokens (NFTs) are “flatlining” — successful the aforesaid week that the apical 5 collections unsocial accounted for much than $1 cardinal successful superior and secondary sales.
The nonfiction cited information from NFT marketplace investigation level Nonfungible suggesting the fig of NFT income has fallen by 92% since an all-time precocious successful September 2021. Wallets progressive successful the Ethereum (ETH) NFT marketplace were besides said to person declined by 88% since a precocious successful November 2021.
“The NFT marketplace is collapsing,” the article concluded.
Red enactment shows fig of income with measurement connected near y-axis, achromatic shows progressive marketplace wallets, measurement connected close y-axis. Source: NonfungibleHowever, onchain information from Dune Analytics’ dashboard suggest that the NFT marketplace is inactive robust, with accusation showing that NFT users and transactions are overmuch higher than what’s reported by Nonfungible.
Dune Analytics full progressive NFT users 
Dune Analytics NFT transactions per time Analytics besides amusement that measurement per time successful USD connected Ethereum NFTs implicit the week is immoderate of the highest seen since February with fashionable marketplace OpenSea seeing astir $550 cardinal successful measurement connected May 1 alone.
Dune Analytics. Source.Analysis from Tom Schmidt, spouse astatine task superior steadfast Dragonfly Capital shows a akin communicative erstwhile focused connected OpenSea transactions and USD volume.
come on, antheral pic.twitter.com/CTJFldAHNk
— Tom Schmidt (@tomhschmidt) May 3, 2022Sub-sectors wrong the NFT marketplace are emerging and portion immoderate areas of the oversaturated marketplace are successful a downturn, others are seeing large gains.
Nansen’s analytics level which indexes NFT collections by type amusement that “Blue Chip” NFTs — established and highly prized brands specified arsenic the Bored and Mutant Ape Yacht Club and Azuki tokens — are acold outperforming creation oregon gaming tokens.
The Nansen Blue Chip-10 Index tracking the apical 10 NFT projects is up 81% twelvemonth to day (YTD), portion comparatively the indexes tracking the apical creation and gaming NFT collections are respectively down 39% and 49% YTD.
This improvement of NFT marketplace superior consolidating into the apical collections was pointed retired successful an investigation by NFTstatistics.eth who shared a illustration successful precocious April showing the apical 5 collections are driving the Ethereum NFT market.
This inclination continues: BAYC, Azuki, CloneX, Doodles & present Moonbirds separating themselves from everyone else.
I've talked astir large-caps outperforming, but it's truly the top-5 projects driving each the gains. pic.twitter.com/UsUlwHMJ9M
“There’s intelligibly a inclination close present that 5 oregon six of the astir palmy projects are sharply outperforming portion the remainder are level to down,” pseudonymous NFT marketplace analyzer NFTstatistics.eth told Cointelegraph.
Related: OpenSea top-10 NFT projects soar arsenic caller liquidity enters the market
The information from Nonfungible shows a spike connected May 1 with the fig of income and progressive wallets that time hitting numbers not seen successful their information from November 8 2021 straight correlating with the record-breaking (and Ethereum breaking) Otherside metaverse onshore merchantability by Yuga Labs again contradicting the assertion that NFT income are “flatlining.”
It’s not wide wherefore the Nonfungible information the WSJ relied connected is misaligned with Dune’s data, nevertheless it could beryllium owed to the inclusion of income measurement from P2E gameAxie Infinity by Nonfungible.
Volume for the fashionable play-to-earn deed an all-time precocious of implicit $40 cardinal connected November 4 2021 earlier a gradual diminution to its existent levels of astir $500,000 according to CryptoSlam data.
But the illness successful popularity of a P2E crippled arsenic NFTstatistics.eth says “is an highly antithetic connection from ‘NFTs are collapsing.’”
@DJohnson_CPA suggests that AxieInfinity was truthful large it dominated numbers successful November and has since collapsed. Seems possible.
From wherever I sit, this is an highly antithetic connection from "NFTs are collapsing"https://t.co/lq66GbhbAj
While the existent statement focuses connected Ethereum NFTs, Solana is accelerated becoming a fashionable blockchain for this benignant of plus and is the second-largest blockchain down Ethereum for NFT income volume.
Last week, the Solana NFT task Okay Bears topped OpenSea’s 24-hour income tracker for the archetypal time, and holds 4th spot down the Mutant Ape Yacht Club successful 7 time income measurement connected CryptoSlam with implicit $47 cardinal worthy transacted.
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