The population of NFT traders who are currently active has significantly decreased. In February, daily trading activity ranged from 30,000 to 40,000 traders, but as of last Saturday, the number of active traders had dropped to 12,000.
DappRadar’s data suggests that such low activity levels among NFT traders have not been observed since the fourth quarter of 2021.
Analysts believe that the banking crisis in the US is to blame for the decline in trading activity. It is interesting to note that despite the decrease in active traders, trading volumes have remained relatively steady.
On the other hand, NFT trading volume on the Polygon network increased by 60% in the last week and has now matched the impressive figures from February.
One of the most noteworthy sales of the week was an NFT set of nine images of Qingyu Dynasty plates, which was purchased for $366,000.
Popular NFT collections, such as the Bored Ape Yacht Club tokens, also had excellent trading volumes with $9.6 million in trading volume over the week.
Sewer Pass and Pudgy Penguins collections, each with $9.2 million and $7.2 million in trading volume respectively, were also in high demand.
It was reported in early March that the trading volume of non-fungible tokens doubled in February and reached over $2 billion.