DappRadar has found that activity in the NFT market has been weakening over the past few months.
Trading volume for tokenized collections has been declining since early January 2023.
In May, market users completed transactions worth just over $333 million. However, the number of wallets on NFT platforms increased, the owners of which made 2.3 million transactions in three weeks.
DappRadar analyst Sarah Gargelas emphasized that in May the number of participants in the NFT market will be about the same as in April. But in terms of trading volume, last month will most likely turn out to be more productive.
According to this expert, trading volume is falling due to the fact that new users have entered the marketplaces, but with less capital.
The number of active addresses associated with NFT projects has increased by 27% this month. One of the leaders in terms of transaction volume was the Miladys collection.
Ethereum continues to lead the market in terms of the number of hosted tokenized collections.
Transaction activity is also growing in other networks. For example, on the Solana and Polygon blockchains this month, sales increased by 27% and 13%, respectively, the DappRadar report notes.
