NFT Collectors Are Selling, Not Buying

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  • April’s NFT trading data indicates that collectors are offloading their bags at a faster rate than they’re accumulating
  • The data shows that there are days in the month when NFT sellers were almost double the buyers
  • The selling spree started last month when buyers exceeded sellers by only two traders

NFT collectors are offloading their bags at a higher rate than they’re accumulating according to April’s NFT trading data from NFTGo. The data indicates that there are days like April 5 when the number of sellers was 36,423 compared to 18,495 buyers. Sellers started overtaking buyers on March 11, the last known date when the number of NFT buyers exceeded that of sellers.

Two Times More Sellers than Buyers

According to the data, the NFT market registered fewer buyers in April with the worst day coming on April 5 when sellers were almost 2X the buyers. Another notable low was recorded on April 19 when the number of buyers reached 5,893, a number that nears the 5,343 low seen in mid-June last year.

The selling momentum started on March 11, the last recent date when buyers exceeded sellers by a margin of only two traders, recording 9,756 buyers against 9,754 sellers. Apart from declining buying momentum, the number of traders in the last one month has also fallen by 3.26% although the number of holders has been on the rise since late last month.

NFT Marketplace Users Drop to 2021 Lows

The discrepancy between the number of sellers and buyers aligns with a recent report showing that the number of NFT marketplace users has dropped to 2021 lows. It also comes at a time when the collectibles market is yet to recover from the collapse of Silicon Valley Bank last month and whose effects crossed over to the NFT space.

With conventional brands such as Adidas and Canon entering the NFT world, the space is likely to recover from the current NFT bear market.