Marketplaces are forced to offer more incentives as NFT liquidity decreases
As a result of
- marketplaces competing for a smaller pool of traders and investors, NFT liquidity has decreased.
- Over the past three months, daily NFT trade volume has been steadily decreasing.
- NFT marketplaces are increasing the incentives they offer to keep traders on their platforms to address this issue.
As marketplaces compete fiercely for a smaller pool of traders and investors, NFT liquidity has decreased. Some marketplaces are offering incentives to keep traders on their platforms in response to the trends. Will it work?
The ease and availability of buying and selling non-fungible tokens (NFTs) on the market is referred to as “NFT liquidity.” When NFT liquidity is high, there are a lot of willing buyers and sellers, which makes it easier to have active and smooth transactions. Then again, low liquidity flags a drop in exchanging movement and a test tracking down counterparties for exchanges.
Daily NFT trade volume continues to decrease
Daily trades have been steadily falling for the past three months, according to Dune data. There were approximately 44,000 NFT trades on March 13. That number, on the other hand, was closer to 25,000 on June 12.
As per the new DappRadar report, In May 2023, NFT deals could have fallen beneath $1 billion interestingly this year. Despite the fact that the entire narrative is far from straightforward.
In the report’s examination, dynamic wallets related with NFT exercises saw a 27% increment in May. The development was credited to the Miladys NFT assortment, which got a huge lift from Elon Musk.
Samuel Haig wrote on Tuesday in The Defiant that NFT marketplaces are increasing incentives for traders in order to combat the decline in trading activity.
On June 7, Obscure, the NFT commercial center, declared updates to its motivation framework for NFT dealers. Blur emphasized rewarding bidders who take real risks with the most Bidding Points in its statement.
The stage will currently dispense $BLUR prizes to clients who really add to Obscure’s development, as per a Twitter string. However, tricks like transferring NFTs in exchange for loyalty, engaging in wash trading, and spoofing bids will no longer work.
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LooksRare Launched Its Own Rewards Season
Since May 2022, LooksRare’s daily volume has decreased. It used to be hundreds of millions of dollars. Now, its activity never exceeds $10 million. On the other hand, LooksRare intends to reclaim its former glory by announcing on June 1 its own rewards “season.”
Kraken launched its own NFT trading platform earlier this month, not deterred by the low volume of trading. This only served to further clog the market.
As of mid-May 2023, Obscure is as yet the biggest NFT commercial center, as indicated by DappRadar. OpenSea lags behind with 26% of the market, despite having an impressive 62% share.
Despite this, OpenSea continues to have the most traders, with 104,882 active users in the week leading up to the publication of the DappRadar report, surpassing Blur’s 12,747.
