There’s nonetheless juice within the NFT market regardless of very actual downturn • TechCrunch

However from Coinbase to Reddit, OpenSea is not the one fish within the sea

Eight months in the past, this column requested if we have been coming into an NFT downturn. The reply, it seems, was an enormous sure.

That NFT hype is behind us is one thing we might inform with out even taking a look at any knowledge. However we do love knowledge, and backing up our hunches, so we’re going to take a better take a look at a number of the exact same charts we examined earlier this 12 months.

The universe of non-fungible tokens is fragmented by definition since they are often minted and bought by anybody throughout plenty of blockchains and marketplaces. However there’s really a fairly good proxy to judge how the market is doing: buying and selling quantity on OpenSea, one of many foremost NFT marketplaces, and a startup that was valued at greater than $10 billion earlier this 12 months.

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We have to add a caveat right here: OpenSea was maybe extra central to the NFT market once we began utilizing it as a reference than it’s right now. Within the meantime, new gamers have emerged, and never all of them share OpenSea’s Ethereum-based roots.

As an illustration, there’s Joepegs, an NFT market on the Avalanche blockchain that not too long ago raised a $5 million seed spherical from the Avalanche Basis and FTX Ventures (whose funds they “transferred out of FTX previous to latest chapter occasions,” the Joepegs crew mentioned in an announcement.)

Extra importantly, Coinbase lastly launched its long-anticipated NFT market. However it was off to a lackluster begin, and knowledge from analytics platform Dune reveals that buying and selling quantity on CoinbaseNFT is barely a small fraction of OpenSea’s tally (or LooksRare’s, for that matter) over the identical interval.