The Ethereum NFT market is facing a severe downturn, with a historic low of fewer than 4,000 daily traders, the lowest since June 2021, down from a peak of 80,000 in February 2022. Despite occasional positive announcements, the overall mood remains bleak. The decline is attributed to a combination of factors, including a lack of interest in high-profile NFTs and plummeting trading volumes for collections. Ethereum, once the dominant blockchain, faces challenges from cheaper alternatives, leading to a decline in its market share. To revive the NFT market, a new trendy collection or a marketplace with attractive incentives is needed.

The NFT market has experienced a rollercoaster ride, with a sharp spike in early and late February, followed by a decline in NFT transactions. The number of NFT holders dropped to its lowest point in the last 12 months on April 19, with just 11,187 traders. However, the overall number of holders increased by about 12.62%, reaching around 4.3 million by April. Despite this growth, the NFT market is still relatively small, accounting for approximately one-tenth of the total Ethereum market cap.

Ethereum remains the biggest Layer-1 for the NFT market, followed by Solana, Polygon, and BNB Chain. In April 2023 alone, Ethereum's NFT trading volume was $514M, accounting for approximately 70% of the overall market's trading volume. However, Ethereum is facing challenges from cheaper alternatives, leading to a decline in its market share. The NFT market is still relatively small, accounting for approximately one-tenth of the total Ethereum market cap. Despite this, the continued expansion of the NFT market suggests a significant potential for future growth and adoption.

Blur, a new marketplace, has surpassed OpenSea in trading volume and royalty market share. Blur's optional royalty and zero gas fee approaches have attracted price-sensitive users, making it the new leader in the royalty market. The number of wash trades on Blur is gradually decreasing, indicating that real traders are settling down. Blur and OpenSea combined have dominated the current market in terms of data and social popularity.

The NFT market is experiencing a decline, with a lack of interest in high-profile NFTs and plummeting trading volumes for collections. The once-dominant Ethereum blockchain is facing challenges from cheaper alternatives, leading to a decline in its market share. To revive the NFT market, a new trendy collection or a marketplace with attractive incentives is needed. The NFT market is still relatively small, accounting for approximately one-tenth of the total Ethereum market cap. Despite this, the continued expansion of the NFT market suggests a significant potential for future growth and adoption.