NFT Volume Hits Structural Floor, Analyst Sees Turnaround on Horizon

According to data from the Ethereum network, the monthly NFT volume has remained stable near $720 million since the beginning of the year. This figure represents a significant drop from the all-time high of $3.5 billion reached in 2022.

Analyst Tony Spark from JRNY Crypto believes that this reduction in activity may be a sign that the market has bottomed out and is poised for a turnaround. The expert points to the implementation of technical improvements, such as the Glamsterdam update, which has reduced gas costs for smart contracts and tripled processing capacity.

Spark's analysis suggests that the current market is smaller but more sustainable than previous years. The exit of speculative capital has opened the way for participants interested in the real utility of protocols, presenting a healthier starting point for growth.