Throughout April, the nonfungible token (NFT) market has consistently had more sellers than buyers, with not a single day where the number of buyers outnumbered the number of sellers. On April 26, there were only 7,907 buyers and 8,641 sellers, indicating a potential lack of demand. The market experienced a decline on March 12 after the collapse of Silicon Valley Bank (SVB), which caused fear in traders. Before the SVB collapse, NFT trading volumes were hovering between $68 million to $74 million on March 10; however, on March 12, they fell to $36 million, accompanied by a 27.9% drop in daily NFT sales count between March 9 and March 11. The top six NFT marketplaces saw a rise in wash trading in February for the fourth month straight, with a total volume of $580 million, attributed to the overall recovery of the NFT marketplace.

(By CIARAN LYONS)