The prolonged bear market of 2022 and the first quarter of 2023 has led to a decline in trading volumes and prices of most non-fungible token (NFT) projects. Only six of the top 20 NFT collections by market capitalization recorded increased trading volumes over the last 30 days, while the remaining collections experienced a significant decrease.
NFT projects such as CryptoPunks, Mutant Ape Yacht Club, Otherdeed, Moonbirds, and Doodles saw significant drops in their trading volumes and prices. However, the NFT industry has continued to grow and evolve, with Q1 2023 being the best quarter since Q2 2022, and NFT trading volume increasing by 137% to $4.7 billion.
