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

We will continue to update Blocking; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Get Ready for a Crypto Carnival - New Listings and Delistings!

Check out our latest rundown of notable digital asset listings, delistings, and trading pair updates from crypto exch...


Bridging the Gap: The Wild Ride of the Wallet Address

Fantom network offers lower prices for depegged assets like WBTC compared to Ethereum network originals.


Cryptocurrency Traders Go Down in Flames: $150 Million Liquidated in 24 Hours!

On Monday, BTC experienced a significant surge to $31,000, causing a sharp increase in other cryptocurrency prices as...


Bursting with Bitcoin Buzz Record-Breaking Mining Difficulty, Bitmain's US Machine Deluge, Bitget's Futuristic Quant Bot, and Pi Network's Groundbreaking Staked DMs Unveiled

Stay up-to-date on all things crypto and blockchain with our quick and easy daily news roundup, uncovering the latest...


Bitcoin Trader Recovers Money After Mistaken $13,000 NFT Purchase 😱💸

The Bitcoin Ordinals trader believed they had purchased an NFT for $1,300, but upon closer inspection, they discovere...


The Uniswap Saga Continues: Android Users Rejoice!

Uniswap is the leading decentralized crypto exchange, with a record of processing over $1.7 trillion in trades since ...