NFT Market Madness: Sellers Reign as Balance Tips!
Blockchain News

NFT Market Madness: Sellers Reign as Balance Tips!

written by John Murphy | April 28, 2023

According to recent news about NFT Market Madness, without a single exception, nonfungible tokens (NFT) persistently identify a greater number of sellers than buyers throughout April.

 The analytics platform and NFTGO data highlighted that on 26 April, only 7,907 buyers were present. At the same time, 8,641 sellers are trying to sell their NFTs.

A few days before, in the past twelve months, the market of NFT hit its second lowest point on 19 April. The 5,343 buyers were present in the NFT market 0m 18 June 2022 and now increased to 5,893.

Key Takeaways:

  • The NFT market consistently has more sellers than buyers in April, indicating a potential lack of demand.
  • April 19th was the second lowest day for NFT buyers in the past 12 months.
  • March 11th had more buyers than sellers in the NFT market.
  • Trading volume increased for the fourth consecutive month in the top six NFT marketplaces.
  • The NFT marketplace has recovered with a 126% rise in volume from the previous month, but sellers still dominate the market.

The more buyer and sellers are on the market on 5 April, i.e., 18,495 buyers and 36,423 sellers.

CryptoMights took to Twitter and made an announcement that for the Market of NFT, April is a very tough month. The recent data shows that, from the past 12 months, 19 April is the second lowest day for buyers in the market.

Moreover, according to the data, there was not a single day when the buyers in the NFT markets exceeded the sellers in April. This indicates the potential lack of demand. It is also concerned about the plan to sell its NFT soon.

Lastly, on 11 March, more buyers (9,756) than sellers (9,754) were on the market.

On Twitter, the community shows various reactions regarding this unstable condition of the market. The co-founder of Canary Labs, Ovie Faruq, highlighted in a tweet that the NFT market is not working.

Charlotte Kruse took to Twitter and made an announcement that there is not a day in April when the seller did not exceed the buyers in the NFT market.

On 10 March, the trading volume of NFT floated between $ 68 million to $74 million before the collapse of the bank. However, they dropped to $ 36 million on 12 March.

Between 9 March and 11 March, the daily NFT sales count dip drop, followed by 27.9%.

However, Watch trading increased in the top six marketplaces of NFT in February for the 4th consecutive month, according to the 20 March CoinGecko report. The total volume of wash trading is $ 580 million.

Solicy took to Twitter and made an announcement that according to the latest data at this time, the NFT market is out of balance. The sellers are dominating the market.

The report disclosed that the market faces a 126% rise from the previous month’s volume of $250 million. According to the report, this increase is due to the overall NFT marketplace recovery.