#NFT trading volume is up, but buyers are down.#

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Overview

While NFT trading volume increased by 10.7% week-over-week to $155.4 million, market participation saw a significant drop. The number of NFT buyers decreased by 81.79% to just 122,806, and the number of NFT sellers also fell by 73.24% to 104,090. This suggests that while trading volume is on the rise, the number of buyers and sellers participating in the market has significantly reduced, potentially indicating a market correction or a cooling off in NFT hype.

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Analysis

NFT trading volume has recently surged, but the number of buyers has plummeted, prompting market concerns. According to CryptoSlam data, NFT trading volume rose 10.7% week-on-week to $155.4 million, but the number of NFT buyers dropped 81.79% to only 122,806, and the number of sellers also decreased 73.24% to 104,090. Despite the slight increase in transaction volume, the significant decline in market participants suggests that the rise in volume is not driven by an influx of new buyers but rather by large transactions made by a small number of buyers. This phenomenon could be attributed to the NFT market entering a consolidation period and the wait-and-see attitude of some investors. While NFT trading volume on both the Ethereum and Bitcoin networks has increased, the number of buyers has plummeted on both networks, further confirming the trend of decreasing market participants. Notably, the top-selling NFTs this week include well-known projects like SuperRare and CryptoPunks, indicating that the market still retains a degree of interest in high-quality NFT projects. Overall, the phenomenon of rising NFT trading volume coupled with a decline in the number of buyers reflects a relatively quiet state in the NFT market, and the future market direction requires further observation.

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NFT trading volume has increased, but the number of buyers and sellers has decreased significantly, suggesting that the increase in trading volume may be driven by a small number of large transactions rather than an increase in broad market participation.

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The decrease in NFT market participants may be due to a decline in market sentiment, with investors taking a wait-and-see approach, leading to a decrease in trading activity.

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Some NFT projects, such as Pudgy Penguins and BRC-20 NFTs, have seen significant growth in trading volume, which may indicate that the hype and buzz surrounding specific projects are still ongoing.

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Despite the increase in NFT trading volume, the overall market remains in a slump, and future trends will need to be observed.

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