The Declining Trend in the NFT Industry and the Rise of StepN!

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Even though the trend in the market has been completely bloody for a couple of weeks (or months that might turn into years). Nobody can wait for the next bull run to start BUIDLing again (not LUNA tho, though those guys are way too REKT now, or did they just keep all the BTC, who knows?).

However, the NFT market has been losing its volume since last year, and this was pretty much evident depending on the craze we saw last year. Only the strong survive, rest, and just die out with time.

But this hasn’t stopped OpenSea to launch new products. More recently, the platform announced the launch of a new WEB 3 Marketplace called Seaport, a place meant for safer and smoother transactions of NFTs (though this might just be the start of things Seaport is capable of hosting!)

According to the monthly trading volume of PFPs, the decline hasn’t been too sudden, however, if the market does not get back up anytime sooner, I believe things might get worse for the NFT market, and the volume might keep declining until we hit the levels of July 2021.

Pfp Monthly Trading Volume
PFP Monthly Trading Volume

This delining trend is not just limited to the PFPs, the metaverse is affected adversely as well. With the declining market cap of metaverse projects such as Decentraland, Sandbox, etc. it is evident that their condition on holding their initial volume might have been difficult. Though, it is worth observing if Decentraland will be able to hold up to present levels, as the transaction volume keeps declining there is a chance it might not be able to survive this bear market.

Monthly Trading Volume Of Digital Land
Monthly Trading Volume of Digital Land

Amid this downfall, there is a project that has been seeing stagnant growth, StepN. A WEB 3 lifestyle app that allows you to earn crypto by simply Walking, Running, or Jogging outdoors. Here’s the data of monthly deposits in StepN, imagine the rinse in these numbers during the last 3 months. 

Monthly Deposited Volume In Sol
Monthly Deposited Volume in SOL

User acquisition of StepN has been on the right track, hence answering the exponential growth in the trading volume. The platform is seeing almost as many new users every day as there are existing users. 

Stepn User Acquisition
StepN User Acquisition

The cumulative shoe mints have been on the constant growth as well, hence the interest of the crypto community.

Stepn Cumulated Shoes Minted
StepN Cumulated Shoes Minted

.eth addresses sound so cool, but they do come at a cost. Even though things have been bad for the overall macro dynamics of the market, there has been a steady (or a very sudden growth in the ENS trading volume). Here’s the chart of Monthly trading volume of Unstoppable (almost ded) vs ENS:

Monthly Ens Trading Volume
Monthly ENS Trading Volume
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Prabhat Tiwari
Prabhat Tiwari

I am someone who loves swimming in the ocean of DeFi and believes the disruptive technology, i.e., Bitcoin will change a lot of things and not just our financial system.

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