There’s been an uptick in the NFT market recently. Are we on the brink of another NFT bull run?
Let’s see what the data tells us:
Firstly: Number of weekly active traders. This is a proxy for how many folks are actively participating in the NFT space. Right now, we’re at about 72,000 weekly active traders. Compared to the peak of over 250,000 in 2022, we’ve taken quite a tumble, dropping more than 50% since January this year.
Secondly: Weekly marketplace volumes. While this might seem like an important metric, I don’t put too much weight on it. Blur token farming skews the volume a lot (Blur in orange). Overall, not seeing any uptick in volume that would suggest a bull market is imminent.
Thirdly: Google search interest on the term “NFTs”. NFTs are retail-driven and this is a great way to gauge what’s on people’s minds. Unfortunately, it seems like NFTs aren’t the hot topic they once were.
Until we see these indicators start to swing back up, it doesn’t look like we’re in for an NFT bull run anytime soon. Patience is the name of the game. Every downturn is just setting the stage for the next upswing.
