NFT markets are out of balance with sellers dominating

Recent information has exposed that throughout April, the nonfungible token (NFT) market has regularly seen more sellers than purchasers, without a single exception.According to information from the analytics platform NFTGo, there were just 7,907 buyers on April 26, while there were 8,641 attempting to offer their NFTs.Days in the past, on April 19, the NFT market hit its 2nd lowest point in the past twelve months, with only 5,893 purchasers– a minor boost from the lowest recorded date in the past twelve months, which was on June 18, 2022, with 5,343 buyers.On April 5, while there were more buyers on the market– 18,495– there were likewise 36,423 sellers.Based on the data, there hasnt been a single day in April where the number of buyers outnumbered the number of sellers in the NFT market, showing a potential lack of need which could be worrying for sellers planning to sell their NFT soon.The last documented day purchasers exceeded sellers was on March 11, when there were 9,756 buyers and 9,754 sellers.Graph revealing the overall number of day-to-day buyers, sellers and holders on the NFT market. Source: nftgo.ioThe turbulent market conditions have actually been met with numerous community reactions on Twitter.Ovie Faruq, the co-founder of Canary Labs, mentioned in a tweet on April 26 that the NFT market is “not functioning” at the minute.

Cointelegraph previously reported that the NFT market experienced a decrease on March 12 after the collapse of Silicon Valley Bank (SVB), which triggered worry in traders.Before the SVB collapse, NFT trading volumes were hovering between $68 million to $74 million on March 10; nevertheless, on March 12, they fell to $36 million.The dip was likewise accompanied by a 27.9% drop in daily NFT sales count between March 9 and March 11. Related: Utility and long-lasting profits leading reasons for NFT purchases: CoinGecko studyAccording to a March 20 CoinGecko report, the leading six NFT markets saw a rise in wash trading in February for the fourth month directly, with an overall volume of $580 million.The report revealed that the market witnessed a 126% boost from the previous months volume of $250 million– with the report associating the overall recovery of the NFT market as the factor for the increase.Magazine: From SNL and The Tonight Show to Sothebys: NFT Creator Bryan Brinkman