Research Summary
The report by NFTGo provides an in-depth analysis of the NFT market in 2023. It discusses the roller coaster ride of the NFT trading volume, which saw a sharp increase in Q1 due to Blur’s incentives and airdrop, followed by a decline. The report also highlights the state of NFT marketplaces and wash trading, with Blur surpassing OpenSea in the royalty market. It further delves into micro trends in NFT projects, liquidity analysis, major projects and events, trader and whale analysis, and the development of NFT Financing (NFTFi).
Actionable Insights
- Monitor Blur’s performance: Blur has surpassed OpenSea in the royalty market and is now the new leader. Its optional royalty and zero gas fee approaches have made it popular among price-sensitive users.
- Understand NFT liquidity: The report provides insights into the liquidity of NFT projects, which can vary significantly. Top-ranked NFT projects maintain a certain level of liquidity and exhibit less volatility.
- Keep an eye on blue-chip NFTs: Despite the bear market at the end of 2022, some blue-chip projects still performed well. Bored Ape Yacht Club has shown the strongest profitability in the seller’s market.
- Consider NFTFi: The NFTFi lending market revived in Q1 2023, with loans amounting to about $25 million from January to March. ParaSpace accounted for the largest market share of the lending market.
