- According to Nansen, many long-term BAYC holders sold their NFTs.
- Nansen also revealed that the number of wallets holding at least one BAYC is declining.
- There has been a significant drop in NFT activities since 2023.
According to Nansen, a blockchain data and research platform, many long-term Bored Ape Yacht Club (BAYC) NFT holders sold their NFTs in the last seven days. In a Twitter post, the research platform showed that 36 long-term holders had their BAYC NFTs for over one year.
Nansen also revealed that the number of wallets holding at least one BAYC is declining. As of Nansen’s post, that number had fallen below its October 2021 level. That reveals the fading interest in an industry perceived as a new frontier in emerging technologies only a few months ago.
According to data from Dune Analytics, there has been a significant drop in NFT activities since 2023. The drop cuts across unique wallets trading NFTs, the number of NFT traders, and the marketplace activities based on the volume of NFTs traded. A sum of the data across these areas shows a significant drop in liquidity in the NFT market.
NFT liquidity refers to the ease of buying and selling of NFTs in marketplaces. During high liquidity, NFT traders perform transactions seamlessly without delays. When liquidity is low, the situation reverses. Finding counterparties to execute trades becomes difficult. That generates negative market sentiments, leading to dwindling market activities.
Some NFT marketplaces are implementing platform upgrades to increase adoption and improve accessibility. For instance, Blur, an NFT marketplace for professional traders, recently launched a mobile version.
On June 19, Blur tweeted that its newly launched mobile version would allow users to sweep, bid, list, lend, buy now pay later, manage portfolios, and list on Blur from their phones. It will also allow them to browse all collections on Blur without signing in on desktop and mobile.
Source: Coinedition
