On-chain data analysis: Are we on the brink of the next NFT bull market?

On-chain analysis: Is the NFT market about to boom?

Delphi Digital’s NFT Research Director Teng Yan outlined three on-chain indicators related to NFTs, finding that the number of NFT traders per week is showing a downward trend, NFT transaction volume is still stable or trending downward, and user interest in NFTs is decreasing based on Google searches. Teng Yan stated that we will not enter an NFT bull market quickly until these indicators begin to recover.

1) Number of active traders per week: This indicator represents the number of users actively participating in NFT activities. Currently, the number of active traders per week is about 72,000, which is a significant drop from the peak of over 250,000 in 2022. Since January of this year, this indicator has decreased by over 50%. 2) Weekly market trading volume: The token mining of Blur has caused significant deviations in trading volume, and overall, there has been no upward trend in trading volume. 3) Google search interest in the term “NFT”: It appears that NFT is no longer a hot topic.

Reference: https://twitter.com/0xPrismatic/status/1666468579707871232

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