{"id":124248,"date":"2023-07-18T21:36:03","date_gmt":"2023-07-18T21:36:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/nfts-where-did-the-buyers-go-crypto-news\/"},"modified":"2023-07-18T21:36:05","modified_gmt":"2023-07-18T21:36:05","slug":"nfts-where-did-the-buyers-go-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nfts-where-did-the-buyers-go-crypto-news\/","title":{"rendered":"NFTs, Where did the buyers go?\n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Huge supply, high prices, similar products, little innovation, and a straight-up lack of liquidity.  You could pick any of the above as reasons for the continued struggles of the non-fungible token (NFT) market.  In the past, traders have typically not let these stop them from buying NFTs, but now, one in particular has become an issue.  Liquidity is the elephant in the room and while there are plenty of people holding Ether in their wallets, they seem to have tightened their belts this year.<\/p>\n<p>Let&#8217;s start by looking at how liquidity has affected this week&#8217;s global trading numbers compared to last week.<\/p>\n<figure class=\"wp-block-image size-full\"><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1089\" height=\"414\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Global-NFT-stats.png\" alt=\"Global NFT Stats\" class=\"wp-image-97690\" srcset=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Global-NFT-stats.png 1089w, https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Global-NFT-stats-610x232.png 610w, https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Global-NFT-stats-768x292.png 768w\" sizes=\"auto, (max-width: 860px) 100vw, (min-width: 861px) 630px\" title=\"NFTs, Where did the buyers go?  2\"\/><\/noscript><figcaption class=\"wp-element-caption\">Source: CryptoSlam<\/figcaption><\/figure>\n<p>Measuring liquidity is tricky, but there are some ways to gain insight into traders&#8217; holdings.  glassnode <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=&#038;m=addresses.Min1Count\">date<\/a> shows the number of Ethereum wallets holding 1 Ether or more, and from that we see the number has remained nearly stagnant in 2023, following two years of &#8220;up only.&#8221;<\/p>\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" data-lazyloaded=\"1\" decoding=\"async\" width=\"571\" height=\"490\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Glassnode-data.png\" alt=\"Glassnode data\" class=\"wp-image-97691\" title=\"NFTs, Where did the buyers go?  3\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"571\" height=\"490\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Glassnode-data.png\" alt=\"Glassnode data\" class=\"wp-image-97691\" title=\"NFTs, Where did the buyers go?  3\"\/><\/noscript><\/figure>\n<p>If you didn&#8217;t have more than 1 ETH before this year, you&#8217;re probably not going to be holding it now, and if Ethereum holdings aren&#8217;t growing that could be a sign that NFTs aren&#8217;t selling.  Obviously not everyone holding Ether is trading NFTs, but there&#8217;s certainly a correlation here. <\/p>\n<p>At a glance, we can also see that the Ethereum blockchain&#8217;s utilization for NFT primary sales has fallen to 2021 levels.  This is just another indicator of the NFT market losing its appeal as traders fail to find profits and are no longer willing to support new mints.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" data-lazyloaded=\"1\" decoding=\"async\" width=\"1126\" height=\"494\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Forkast-Labs-data.png\" alt=\"Forcast Labs data\" class=\"wp-image-97692\" srcset=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Forkast-Labs-data.png 1126w, https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Forkast-Labs-data-610x268.png 610w, https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Forkast-Labs-data-768x337.png 768w\" data-sizes=\"(max-width: 860px) 100vw, (min-width: 861px) 630px\" title=\"NFTs, Where did the buyers go?  4\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1126\" height=\"494\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Forkast-Labs-data.png\" alt=\"Forcast Labs data\" class=\"wp-image-97692\" srcset=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Forkast-Labs-data.png 1126w, https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Forkast-Labs-data-610x268.png 610w, https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Forkast-Labs-data-768x337.png 768w\" sizes=\"auto, (max-width: 860px) 100vw, (min-width: 861px) 630px\" title=\"NFTs, Where did the buyers go?  4\"\/><\/noscript><\/figure>\n<p>In the NFT market, transactions are declining and buyers are drying up, highlighted this past Sunday with just <strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/Qs5v7Cg0jWEjZbeZN6oz3X\/X6FumUjpbi9vW0zwYU7nJS\">194,689<\/a><\/strong> Total global NFT transactions.  This is the lowest single day global NFT trading volume since December 24, 2022, when we saw 156,344 total global transactions. <\/p>\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" data-lazyloaded=\"1\" decoding=\"async\" width=\"450\" height=\"434\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Unique-buyers.png\" alt=\"Unique buyers\" class=\"wp-image-97693\" title=\"NFTs, Where did the buyers go?  5\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"450\" height=\"434\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Unique-buyers.png\" alt=\"Unique buyers\" class=\"wp-image-97693\" title=\"NFTs, Where did the buyers go?  5\"\/><\/noscript><\/figure>\n<p>Focusing on Ethereum trading we see <strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/HkUTSWwnrK4LHTGkZdMPKZ\/X6FumUjpbi9vW0zwYU7nJS\">13,994<\/a><\/strong> total transactions on Sunday, which is the lowest in almost two years.  You have to look all the way back to July 24, 2021 to find a lower daily number when we see <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/f5ws8ZFPkGJMzN2me3arV4\/X6FumUjpbi9vW0zwYU7nJS\"><strong>13,560<\/strong><\/a> transactions.<\/p>\n<p>Unique buyers still hasn&#8217;t reached an annual low point, but we have only dipped below 10,000 unique buyers a few times this year.  July 2021 is the last period of time with sustained buyers around that level, and that&#8217;s exactly what I&#8217;m expecting to see over the next few months. <\/p>\n<p>August through December is typically the slowest part of the year for NFT sales, with trading action slowing down the further we get in the calendar year.  With the market about to enter that period again, it&#8217;s time to brace for potentially a very rough time in NFTs.<\/p>\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" data-lazyloaded=\"1\" decoding=\"async\" width=\"449\" height=\"430\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/NFT-sales-all-months.png\" alt=\"NFT sales all months\" class=\"wp-image-97694\" title=\"NFTs, Where did the buyers go?  6\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"449\" height=\"430\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/NFT-sales-all-months.png\" alt=\"NFT sales all months\" class=\"wp-image-97694\" title=\"NFTs, Where did the buyers go?  6\"\/><\/noscript><\/figure>\n<p>None of this is concerning for collectors and long term holders.  NFT buyers are still here and watching, and are probably smarter than given credit for.  I suspect they&#8217;re on the sidelines, holding their ETH tightly waiting for a sign that it&#8217;s time to buy again.  It probably won&#8217;t be this year, and maybe not even next, but watch the crypto markets.  That&#8217;s where we&#8217;ll see a catalyst for mass adoption to crypto, and after that it will be time for these buyers to come back to NFTs.<\/p>\n<p>Let&#8217;s take a look at what&#8217;s moving the charts during this slow time for NFTs.<\/p>\n<h2 class=\"wp-block-heading\">Peep the charts<\/h2>\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" data-lazyloaded=\"1\" decoding=\"async\" width=\"437\" height=\"625\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/NFT-collection-rankings-peep-the-charts-July-18.png\" alt=\"NFT collection rankings peep the charts July 18\" class=\"wp-image-97695\" title=\"NFTs, Where did the buyers go?  7\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"437\" height=\"625\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/NFT-collection-rankings-peep-the-charts-July-18.png\" alt=\"NFT collection rankings peep the charts July 18\" class=\"wp-image-97695\" title=\"NFTs, Where did the buyers go?  7\"\/><\/noscript><\/figure>\n<ul>\n<li>Bitcoin&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/3W0rFz6B2VXUYx3IWtAYyc\/X6FumUjpbi9vW0zwYU7nJS\"><strong>$FRAM<\/strong><\/a> still can&#8217;t be dethroned with its US$8 million in seven day volume.<\/li>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/frxIECwuwR0HXjhUzZpuh4\/X6FumUjpbi9vW0zwYU7nJS\"><strong>BAYC&#8217;s<\/strong><\/a> Average sales price of US$84,214, padded by big grail sales, is up over the past seven days from US$63,699.<\/li>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/6FJjr3PX4WTQVWCk2RjsKZ\/X6FumUjpbi9vW0zwYU7nJS\"><strong>The Captainz<\/strong><\/a> are up 41% with traders buying up NFTs in hopes of bigger $MEME coin allocations from their assembled crews.<\/li>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/YtIzQadxgu42Aq8z2Kh0yk\/X6FumUjpbi9vW0zwYU7nJS\"><strong>CryptoPunks<\/strong><\/a> have seen multiple grail sales this week including Punk <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/5mUYH0NRYmUhU2HMfcw5mT\/X6FumUjpbi9vW0zwYU7nJS\">#8531<\/a> for US$1 million and 24 individual NFTs that sold over US$100,000 each. <\/li>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/C0rcGwdHoB7oymCvHq8mNi\/X6FumUjpbi9vW0zwYU7nJS\"><strong>ordinals<\/strong><\/a> volume is down 62% but still remains strong with US$3.4 million in sales.<\/li>\n<\/ul>\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" data-lazyloaded=\"1\" decoding=\"async\" width=\"746\" height=\"628\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Blockchain-by-NFTs-sales-volume.png\" alt=\"Blockchain by NFTs sales volume\" class=\"wp-image-97696\" srcset=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Blockchain-by-NFTs-sales-volume.png 746w, https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Blockchain-by-NFTs-sales-volume-610x514.png 610w\" data-sizes=\"(max-width: 860px) 100vw, (min-width: 861px) 630px\" title=\"NFTs, Where did the buyers go?  8\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"746\" height=\"628\" src=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Blockchain-by-NFTs-sales-volume.png\" alt=\"Blockchain by NFTs sales volume\" class=\"wp-image-97696\" srcset=\"https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Blockchain-by-NFTs-sales-volume.png 746w, https:\/\/forkast.news\/wp-content\/uploads\/2023\/07\/Blockchain-by-NFTs-sales-volume-610x514.png 610w\" sizes=\"auto, (max-width: 860px) 100vw, (min-width: 861px) 630px\" title=\"NFTs, Where did the buyers go?  8\"\/><\/noscript><\/figure>\n<ul>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/tDbOSqHRSxx1plpZxm0zUu\/X6FumUjpbi9vW0zwYU7nJS\"><strong>Ethereum<\/strong><\/a> is up 9.882% with nearly US$85.8 million in sales.<\/li>\n<li><strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/wqHyv5JDV4s1NTMHCVTYul\/X6FumUjpbi9vW0zwYU7nJS\">Bitcoin<\/a><\/strong> saw a 45.38% decline in sales with over US$16.8 million traded.<\/li>\n<li>Last week&#8217;s ruling of $XRP not being a security may benefit <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/midVTy4Rq0QWzWj6bypL4h\/X6FumUjpbi9vW0zwYU7nJS\"><strong>Solana<\/strong><\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/PbKwVlpN3a1z3lshCcBEVb\/X6FumUjpbi9vW0zwYU7nJS\"><strong>Polygon&#8217;s<\/strong><\/a> NFT ecosystems the most, though have not been impacted yet.  Solana NFT sales are down 17.4% to US$7.7 million while Polygon NFTs traded US$6.2 million, up 11.7%.<\/li>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/x71Ml0CqStCsY81WPKxnv3\/X6FumUjpbi9vW0zwYU7nJS\"><strong>Immutable X<\/strong><\/a> sales of US$5.1 million are up 1.4% following strong sales from Gods Unchained.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Notable Happenings<\/h2>\n<ul>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/H44Lu4RFvxjV4APNLWaxlU\/X6FumUjpbi9vW0zwYU7nJS\"><strong>Open<\/strong><\/a> NFTs from Jack Butcher have caught on with influencers, and brands following tweets from Threadguy and Beeple.  Now OpenSea, NiftyGateway, and even Budweiser are getting in on the fun, changing their PFP or tweeting about the art and PFP hybrid project.  The NFT collection raced into the #1 spot in 24 hours yesterday with over US$800,000 in sales. <\/li>\n<li><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/z83aMY6Ja7BmFN2vCKakzb\/X6FumUjpbi9vW0zwYU7nJS\"><strong>Pudgy Penguins<\/strong><\/a> saw a 69 ETH sale of a golden <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/VdrfCZrWhmo5mWrcmdnkMM\/X6FumUjpbi9vW0zwYU7nJS\">Pudgy<\/a>the fifth highest ever for the collection.<\/li>\n<li><strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/hv15PfaiWYTca0SAvoZPJO\/X6FumUjpbi9vW0zwYU7nJS\">Parallel Avatars<\/a><\/strong>one of the few NFT collections to have a successful NFT sale this summer saw their floor dip to as low as 0.07 ETH but have traded for over US$2 million on secondary sales this week.<\/li>\n<li><strong><a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/UIl9TcIwq6tsnK9cPEoDCH\/X6FumUjpbi9vW0zwYU7nJS\">Yuga Labs<\/a><\/strong> announced <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/api.sx29.email\/api\/v1\/track\/campaign\/click\/OLxr6GBlTCAOWaJBkYhROb\/X6FumUjpbi9vW0zwYU7nJS\"><strong>ApeFest 2023<\/strong><\/a>, this year taking place in Hong Kong.  They have teased that US holders won&#8217;t feel left out.  Is this possibly the launch of the Otherside metaverse too? <\/li>\n<\/ul>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Huge supply, high prices, similar products, little innovation, and a straight-up lack of liquidity. You could pick any of the above as reasons for the continued struggles of the non-fungible token (NFT) market. In the past, traders have typically not let these stop them from buying NFTs, but now, one in particular has become an [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":47473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-124248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/124248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=124248"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/124248\/revisions"}],"predecessor-version":[{"id":124249,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/124248\/revisions\/124249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/47473"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=124248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=124248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=124248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}