Watch the performance of blue-chip projects and interpret the six major NFT market trends

According to NFTGo data, in the past 30 days, the trading volume of the NFT market has shown a fluctuating downward trend. During the period of decline, periodic minor corrections are more common in positive news, such as the acquisition of Yuga Labs.

Data Data source: NFTGo.io

NFT market capitalization is still tied to the volatility of the cryptocurrency market, and events such as the recent Russian invasion of Ukraine are destabilizing the world economy and various financial markets. In early February 2022, NFT transaction volume fell by more than 33% after reaching an all-time high.

Data Data source: NFTGo.io

So when the trading volume drops, is the value of NFTs also undervalued? What are the driving factors for the growth of NFT market value?



The number of traders has dropped significantly

According to NFTGo data, although the number of NFT holding addresses is slowly rising, compared with the number of daily transaction addresses of 51,740 30 days ago, the current daily transaction addresses have dropped by 70% to about 10,000 addresses.

Data Data source: NFTGo.io



Higher rarity NFTs perform well

During market downturns, high-rarity NFTs are more likely to gain favor, and Azuki is one of the youngest top blue-chip projects in recent times, with Azuki selling for as high as 95 ETH in the past week.

Data Data source: NFTGo.io

Its average price has fluctuated, but it has remained in the 10-15 ETH range. Azuki's weekly top selling price is about one-fifth of the monthly top selling price. When looking at the gap between the rarity indicators of the two NFTs, the reason behind the huge difference in selling price can be found.