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Cryptogambling / NFTs experience massive decline in 2023, report says

NFTs experience massive decline in 2023, report says

Publish Date: 22/01/2024
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According to CoinGecko’s “2023 Annual Crypto Industry Report,” the trading volume of non-fungible tokens (NFTs) experienced a massive downturn in 2023. The report shows that NFTs lost half of their value compared to 2022.

“NFT trading volumes across the top 10 chains amounted to $11.8 billion in 2023. However, this figure is still less than half of the NFT trading volume in 2022, which stood at $26.3 billion,” the report explains.

CoinGecko’s report also highlights that the overall NFT trading volume was $4.5 billion in Q1 2023, but dropped significantly in Q2 and Q3 to $2.7 billion and $1.4 billion, respectively. It later rose to $3.2 billion in Q4, partly due to robust Bitcoin Ordinals trading volume.

Ethereum (ETH) had the highest share at 72.3 percent of the total volume. This is a decrease from 2022 when it held a dominance of 90 percent. Other chains, such as Bitcoin (BTC) and Solana (SOL), were on the rise in NFT trading volume, particularly in Q4 of 2023.

“Bitcoin surpassed Ethereum in trading volume in December, with $808.0 million in trading volume,” the report says.

The NFT market decline is seen in the struggles of OpenSea, a trading platform once valued at $13.3 billion. Its trading volume dropped to about $170 million in December 2023 after consistently being above $2 billion for nine months between 2021 and 2022, according to Dune Analytics.

To cope with the challenges, OpenSea laid off 50 percent of its staff in early November. Soon after, Coatue Management, one of OpenSea’s backers, reportedly reduced the value of its shares in the company by 90 percent.

Crypto market rises 108.1%

The CoinGecko report reveals that the total crypto market capitalization rose by 108.1 percent in 2023, from $829 billion to $1.72 trillion.

“The total crypto market cap climbed by +108.1% in 2023, or $869.0 billion in absolute terms,” the report says.

It emphasizes that the total crypto market cap trading volume grew consistently, reaching an average daily trading volume of $75.1 billion in 2023 Q4, a 91.9 percent increase from the previous quarter. The overall daily trading volume was $58.9 billion, which is 31.6 percent lower than the 2022 figures.

Significant changes within the top 30 cryptocurrencies in 2023 Q4 include SOL moving up from seventh to fifth place and Avalanche (AVAX) climbing from 22nd to ninth place. Solana advanced thirteen places in 2023 alone, starting the year in the 18th spot.

New additions to the top 30 include Internet Computer (ICP) at 16th place, Near Protocol (NEAR) at 23rd place, Optimism (OP) at 26th place, and Injective Protocol (INJ) at 30th place. Hedera (HBAR), Binance USD (BUSD), Monero (XMR) and True USD (TUSD) dropped out.

BTC, ETH, SOL see significant growth

BTC, ETH and SOL experienced significant growth in 2023. BTC surged by 155.2 percent, and ETH ended 2023 at $2,294, marking a 90.5 percent gain throughout the year. SOL climbed 917.3 percent in 2023, going from $10.0 to $101.3.

In Q4 2023 alone, BTC rose 64.3 percent, from $26,918 to $42,220. During this period, BTC hit a yearly high of $44,004, a level not seen since April 2022.

BTC had a strong start in 2023 Q1, surging by 72.4 percent, followed by another spike in Q2. It experienced a pullback in Q3, decreasing by 11.5 percent, before rallying again in Q4.

In 2023 Q1, ETH recorded its highest gains, surging by 49.8 percent from $1,196 to $1,792. Throughout Q2 and Q3, it largely consolidated before rallying again with a 36.4 percent increase in Q4. ETH reached its yearly peak at $2,376 in December.

SOL started steadily in 2023 Q1, rising by 112.9 percent. During Q2 and Q3, SOL’s price movement was quiet, marked by Sam Bankman Fried’s FTX bankruptcy estate selling its holdings. However, it underwent an aggressive rally in Q4, reaching a peak of $121.5.

SOL’s average daily trading volume surged in 2023, reaching an average of $827.0 million in Q1 and spiking to $2.0 billion in Q4. SOL has experienced a renewed bullish sentiment, with narratives like “Only Possible on Solana” (OPOS) and notable high-profile airdrops such as Pyth Network (PYTH) and Jito (JTO).

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