NFT Collectors Exiting the Market as NFT Trade Volume Plunges

• NFT collectors are downsizing their collections to avoid losses amidst the prevailing bear market.
• The NFT market trade volume has declined over 81% since its peak in January 2022.
• Scams, collapses, and low interest are some of the factors that have soured investors’ interest in the market.

The NFT market may be facing its worst days yet, with NFT collectors and investors packing up and leaving amidst plunging trade volume, collapses, and gradual erasure of NFT royalties, per a Bloomberg report. According to the post, NFT collectors have, in recent months, been downsizing their collections to avoid heavy losses.

The NFT market, which peaked in 2022, has been severely hit by the ravaging and prolonged market slowdown. Referencing interviews with notable collectors, the post said the NFT market has lost its endearing value.

Between January 2022 and July 2023, trading volume for NFTs has dropped over 81%, per data from DappRadar. Likewise, monthly NFT sales have plummeted by 61%, forcing NFT creators, investors, and companies into desperation. 

Recently, OpenSea announced it had made royalties on secondary sales, reneging on its promise after fierce comp…

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