The marketplace for non-fungible tokens (NFTs) shows indications of recovery – with the amount of users, transactions, and quantity of wallets buying NFTs seeing an uptick regardless of the ongoing low buying and selling volume.
Greater than 250,000 users interacted with NFTs within the week ended on May 23, up by around 25% from 200,000 users that traded NFTs a few days prior, according to data by blockchain analytics firm Nansen.
We are seeing a substantial rise in the amount of transactions, which hit 500,000 in the last week, up by greater than 60% when compared to earlier week that recorded under 300,000 transactions.
Meanwhile, according to crypto intelligence company Gold coin Metrics, the amount of transfers of ERC-721, a typical for representing possession of non-fungible tokens, hit its greatest reason for years on May 22.
“The quantity of ERC-721 transfers hit its greatest level since 2019 (only beaten through the 2019 God’s Unchained buying and selling card game release) earlier this Sunday on May 22, 2022 at 660K,” Gold coin Metrics stated.
Similarly, wallet activity has arrived at pre-crash levels, having a strong increase in the amount of wallets buying NFTs. Based on Nansen, greater than 267,000 wallets purchased NFTs in the last week, up from around 171,000 wallets that acquired NFTs a few days earlier.
However, despite an uptick in the amount of users, transactions, and wallets buying NFTs, the buying and selling volume in USD remains low.
NFT product sales has stepped by around 14% in the last week, shedding to USD 21m, according to NonFungible.com. Likewise, the amount of sales has came by greater than 2% to 23,000.
Blue-nick NFT collections also have ongoing to determine a loss of the amount of sales. Yuga Labs’ Otherdeed NFTs, Bored Ape Yacht Club (BAYC), Azuki, and Mutant Ape Yacht Club (MAYC) have seen a loss of the amount of sales in the last week, according to data by CryptoSlam.