Vascodagama Online Journal

ONNFTWORLD’s single-day NFT index trading volume reached a record high of US$1.059 billion

 Breaking News
  • No posts were found

ONNFTWORLD’s single-day NFT index trading volume reached a record high of US$1.059 billion

February 07
20:35 2023

According to the data, the trading volume of ONNFTWORLD’s NFT index exceeded US$1.059 billion on February 5, setting a new high in single-day trading volume. The previous single-day record was US$513 million, which occurred on July 20, 2022. Most of the new record volumes came from the Asian region. 

Although the total global NFT transaction volume continues to decline, the financing scale of global NFT projects remains high, and NFT is still one of the sectors most favored by capital.

The “Global NFT Investment and Financing Analysis Report for the First Half of 2022” shows that in the first half of 2022, there were 240 global NFT project financing events, of which 202 disclosed specific financing, and the disclosed financing amount totaled 3.626 billion US dollars. In the first half of the year, the financing scale of NFT projects declined slightly from the previous month, but it remained at a high level, and the popularity of the NFT track continued.

From the distribution of financing regions, the United States is far ahead of other countries with 55 financings. Next, China, Singapore, the UK and Germany followed with 27, 8, 7 and 6 deals respectively.

ONNFTWORLD also revealed that it will complete the fifth round of financing in 2023, with an estimated scale of more than US$1 billion.

As a government-backed platform, ONNFTWORLD outperforms other platforms in the market in terms of reputation, security and compliance. Currently, ONNFTWORLD has formed an alliance with 16 companies, which will accelerate the development and implementation of technology to improve the ONNFTWORLD ecosystem.

With the emergence of more and more new NFT markets, ONNFTWORLD’s position as the leading platform in the NFT market is constantly being challenged. The increasingly fierce competition has brought more changes and innovations in this field, and many project parties have directly announced that they will give up royalties. ONNFTWORLD used to collect royalties, but the constant changes in the market have changed the original rules. Amid this wave of industry-wide innovation, changes around royalties are just one of many strategies to stay price-competitive in the NFT market space.

ONNFTWORLDofficially disclosed that the key development directions in the future are mainly vertical markets, infrastructure, and building a trader-centric exchange. As discussed by the increasing financialization of the NFT space, there is also a need to cater to these users.

The next generation of trader-focused exchanges must prioritize liquidity, speed, and analytical tools. Examples of features could be instant buying and selling (AMM model or better liquidity), better pricing, enhanced collection sweeping and more granular analytics.

Summary and reflection

We are still in the early stages of the overall development cycle of NFT and the market, after all, the first wave of NFT craze actually started in 2021. What is certain is that there is a certain gap in the NFT user experience and needs to be further improved to attract the next wave of user adoption. Winners in the future market will be driven by product-led growth, innovation in user experience, and the need to adapt to different categories of NFTs.

At the end of the day, our main goal should be to build an NFT ecosystem that achieves a perfect product-market fit.

Media Contact
Company Name: ONNFTWORLD
Contact Person: Benjamin
Email: Send Email
Country: United States