{"id":11109,"date":"2022-05-26T03:19:37","date_gmt":"2022-05-26T03:19:37","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/"},"modified":"2022-05-26T03:19:39","modified_gmt":"2022-05-26T03:19:39","slug":"nft-market-shows-signs-of-recovery-despite-low-trading-volume","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/","title":{"rendered":"NFT Market Shows Signs of Recovery Despite Low Trading Volume"},"content":{"rendered":"<div>\n<figure class=\"image\"><figcaption>Source: AdobeStock \/ Pixelbliss<\/figcaption><\/figure>\n<p>\u00a0<\/p>\n<p>The market for non-fungible tokens (NFTs) shows signs of recovery &#8211; with the number of users, transactions, and amount of wallets buying NFTs seeing an uptick despite the continued low trading volume.<\/p>\n<p>More than 250,000 users interacted with NFTs over the week ended on May 23, up by around 25% from 200,000 users that traded NFTs the week prior, according to data by blockchain analytics firm <strong>Nansen<\/strong>.\u00a0<\/p>\n<p>There has also been a significant increase in the number of transactions, which hit 500,000 over the past week, up by more than 60% compared to the earlier week that recorded less than 300,000 transactions.<\/p>\n<figure class=\"image\"><img decoding=\"async\" alt=\"\"  width=\"626\" class=\"content-img lazyload\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/05\/3-pic.jpg\" ><figcaption>Source: pro.nansen.ai<\/figcaption><\/figure>\n<p>Meanwhile, according to crypto intelligence company <strong>Coin Metrics<\/strong>, the number of transfers of ERC-721, a standard for representing ownership of non-fungible tokens, hit its highest point in years on May 22.<\/p>\n<blockquote>\n<p>\u201cThe number of ERC-721 transfers hit its highest level since 2019 (only beaten by the 2019 <strong>God\u2019s Unchained<\/strong> trading card game release) this past Sunday on May 22, 2022 at 660K,\u201d Coin Metrics said.<\/p>\n<\/blockquote>\n<p>Similarly, wallet activity has reached pre-crash levels, with a strong boost in the number of wallets buying NFTs. According to Nansen, more than 267,000 wallets purchased NFTs over the past week, up from around 171,000 wallets that acquired NFTs the week earlier.<\/p>\n<p>However, despite an uptick in the number of users, transactions, and wallets buying NFTs, the trading volume in USD remains low.<\/p>\n<p>NFT sales volume has plunged by around 14% over the past week, dropping to USD 21m, according to <strong>NonFungible.com<\/strong>. Likewise, the number of sales has dropped by more than 2% to 23,000.<\/p>\n<figure class=\"image\"><img decoding=\"async\" alt=\"\"  width=\"786\" class=\"content-img lazyload\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/05\/2-pic.jpg\" ><figcaption>Sales (white) and number of sales (orange). Source: nonfungible.com<\/figcaption><\/figure>\n<p>Blue-chip NFT collections have also continued to see a decline in the number of sales. <strong>Yuga Labs<\/strong>\u2019 <strong>Otherdeed <\/strong>NFTs, <strong>Bored Ape Yacht Club<\/strong> (BAYC), <strong>Azuki<\/strong>, and <strong>Mutant Ape Yacht Club<\/strong> (MAYC) have all seen a decline in the number of sales over the past week, according to data by <strong>CryptoSlam<\/strong>.<\/p>\n<figure class=\"image\"><img decoding=\"async\" alt=\"\"  width=\"906\" class=\"content-img lazyload\" src=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/05\/1-pic.jpg\" ><figcaption>Source: cryptoslam.io<\/figcaption><\/figure>\n<p>____<\/p>\n<p><strong>\u00a0<\/strong><br \/>&#8211; NFT Sales Volume Down by Nearly 55% Amid Crypto Downturn<br \/>&#8211; Sales of Blue-Chip NFTs Plunge Amid Crypto Market Crash<\/p>\n<p>&#8211; Azuki Sales Skyrocket as Floor Price Drops by Nearly 45%<br \/>&#8211; OpenSea\u2019s New Marketplace Protocol Could Become \u2018Uniswap Moment\u2019 of NFTs<\/p>\n<p>&#8211; Seth Green Teases His NFT Show Despite His Stolen Bored Ape<br \/>&#8211; Belgian Museum Tokenizes Million-Euro Masterpiece to Allow its Fractional Ownership<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Source: AdobeStock \/ Pixelbliss \u00a0 The market for non-fungible tokens (NFTs) shows signs of recovery &#8211; with the number of users, transactions, and amount of wallets buying NFTs seeing an uptick despite the continued low trading volume. More than 250,000 users interacted with NFTs over the week ended on May 23, up by around 25% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-11109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFT Market Shows Signs of Recovery Despite Low Trading Volume | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NFT Market Shows Signs of Recovery Despite Low Trading Volume | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Source: AdobeStock \/ Pixelbliss \u00a0 The market for non-fungible tokens (NFTs) shows signs of recovery &#8211; with the number of users, transactions, and amount of wallets buying NFTs seeing an uptick despite the continued low trading volume. More than 250,000 users interacted with NFTs over the week ended on May 23, up by around 25% [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/\" \/>\n<meta property=\"og:site_name\" content=\"NFT &amp; Crypto News\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-26T03:19:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-26T03:19:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/05\/adobestock-pixelbliss-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"772\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/\"},\"author\":{\"name\":\"Staff\",\"@id\":\"https:\/\/nftandcrypto-news.com\/#\/schema\/person\/352194e8b0cb9ae3ad5480e201b5f792\"},\"headline\":\"NFT Market Shows Signs of Recovery Despite Low Trading Volume\",\"datePublished\":\"2022-05-26T03:19:37+00:00\",\"dateModified\":\"2022-05-26T03:19:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/\"},\"wordCount\":390,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/nftandcrypto-news.com\/wp-content\/uploads\/2022\/05\/adobestock-pixelbliss-1-1.jpg\",\"articleSection\":[\"NFT\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/\",\"url\":\"https:\/\/nftandcrypto-news.com\/nft\/nft-market-shows-signs-of-recovery-despite-low-trading-volume\/\",\"name\":\"NFT Market Shows Signs of Recovery Despite Low Trading Volume | NFT &amp; 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