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The number of active wallets involved in NFT trading declined by more than ** percent between Q2 2023 and Q3 2023. This is a notable decline from the end of 2021 — when the number of users was estimated at nearly *. NFT trading surged at various moments. The first moment, in 2017, was connected to the popularity of collectible CryptoKitties whereas the second moment, in , had to do with media reporting the largest NFT sales to date. Activity in * was likely caused by sales of Axie Infinity, an NFT game that got so popular in Southeast Asia it even attracted the attention of the Philippine government.

NFTs focus mainly on art and gaming

Originally gaining prominence with art projects and tradable pictures, monthly NFT sales within art declined significantly as 2023 progressed. Largely this is an adjustment to the initial popularity of NFTs. By 2023, some main collectible art projects — such as CryptoPunks or Bored Ape Yacht Club (BAYC) — still ranked among the top 50 NFTs based on market cap. Noticeable is the high number of NFTs that are based on gaming. These tokens typically involve in-game rewards that can be traded for cryptocurrency. Tokenization solutions — such as virtual plots of land in metaverses like The Sandbox or Decentraland — ranked comparatively lower.

OpenSea no longer the biggest NFT marketplace

One of the standout developments in NFTs in 2023 was Blur taking over the position of biggest NFT marketplace worldwide. For years, this position belonged to OpenSea, with Blur taking over in February 2023 after debuting its stablecoin BLUR. This project launched only five months after Blur was established, and involved the airdrop of * worth of BLUR tokens to potential clients. This, combined with declining interest in crypto or NFTs after multiple scandals in both 2022 and 2023, led OpenSea to announce in November 2023 it would lay off half its workforce. As of Q4 2024, the number of active wallets involved in NFT trading is **.