NFT Volume is absolutely COOKED.
The sentiment on the NFT scene feels extremely bearish, dare I say close to Dec/Jan, even though coins are up tremendously this year.
We are in a steady downtrend over the last year on both ETH, SOL, and BTC.
ETH Chart (source Nansen)
SOL Chart (source Nansen)
Ordinal Chart (source @analysoor)
Ordinals splashed onto the scene this year and sucked up a ton of volume, but outside of some large spikes, things are still trending down there in line with the rest of the NFT ecosystems.
As expected, active users has also been in a downtrend.
Predicting a rebound in NFTs is challenging. There's significant discussion on their future.
Initially, NFT holders pursued online identities and communities through PFP projects, then shifted to financial interests.
Over time, we're witnessing a shift in NFT use cases. They're not disappearing, but evolving with expanding applications. Widespread adoption still has a long way to go. Perhaps a smaller category like gaming will fuel the next surge.
Regardless, tracking these trends over time is crucial.
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