The Non Fungible Token (“NFT”) weekly trading volume is $134m USD (80k ETH). While volume is down 70% year on year, it is up 50% from the lows three months ago.
Most of this activity resides on Opensea, but competition is ramping up with dozens of rival marketplaces grappling for a greater portion of trading activity.
There are several specialists emerging within specific niche sub-segments of the market. The art and gaming segments continue to dominate the narrative with their distinct NFT applications.
User experience and interfaces are improving making the adoption and interaction with digital assets a more enjoyable experience. Most of the financing is from Venture Capital funds, but larger institutions are taking note and timing their entrance into the space.
This is a stark difference from the landscape two years ago whereby Ethereum volume was on clunky CryptoPunks and Opensea marketplaces.
2023 will be a big year for the market. Innovative breakthroughs are occurring on a weekly basis. For those interested in learning more, subscribe to my Substack Newsletter (S4mmy’s Web3 Snippets) to stay ahead of developments as they ship.