According to The Block Research, the number of NFT traders active on a weekly basis has dropped to its lowest level since August 2021. This decline is attributed to the erosion of pricing caused by liquidity farming, which was driven by Blur's incentive program aimed at luring traders away from OpenSea. The lower pricing, combined with market volatility, has reduced the number of traders, as it has dampened the usual urgency to buy among regular traders. The impact of Blur's strategy has been unprecedented, as liquidity farming has surged, instigating a downward pressure on the market floor and threatening liquidity.
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NFT Trading Activity Drops to Lowest Level Since August 2021 Due to Blur's Incentive Program and Market Volatility
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