Recent data suggests a potential downturn in the NFT market, with sellers dominating trading and declining volumes across exchanges, raising concerns about waning interest and activity.
This significant selling pressure could further drive down the floor prices of these NFT collections.Besides these concerns, there has been a substantial decline in the overall number of NFT trades occurring on the Ethereum network. This has resulted in a significant decrease in gas usage, indicating reduced participation and interest.
The combination of these factors raises questions about the sustainability of and continued interest in the NFT market. It suggests that the initial hype and excitement surrounding NFTs may be fading, leading to a potential slowdown in trading activity and market participation.
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