The MANTRA (OM) token’s wild crash on Apr 13, 2025, shocked the crypto world. Discover the causes, fallout, and what’s next in MANTRA’s road to recovery.

In the morning and daytime hours of Apr 13, 2025, the MANTRA blockchain's native token, OM, sat at a respectable market cap of $6 billion, making it the third-highest-ranked cryptocurrency in the 

 (RWA) category, the area the platform specializes in. Everything seemed like smooth sailing for the token.

Then, just after 6 PM UTC, the price of the OM token suddenly began to free-fall, declining from nearly $6 to about $0.50 in the space of just two hours.

A project that started the day as one of the top players in the RWA field was now worth 90% less as the evening approached. OM's abrupt, sharp crash immediately caught the market's attention, with speculation of a 

However, MANTRA's CEO, John Patrick Mullin, immediately sprang into action for PR damage control on social media, reassuring the public that the team members weren’t dumping OM tokens at all. Instead, MANTRA's founder and CEO alleged that deliberate actions of some 

 (CEXs) had caused the catastrophic plunge.

As of our coverage date of Apr 23, 2025, this is a developing story. In this article, we’ll establish what actually happened, who's involved and what awaits the OM token in the foreseeable future.

 decentralized network dedicated to RWA tokenization and utilization in compliance with real-world regulatory requirements.

 It features high scalability and low transaction fees. The project is one of the earliest initiatives dedicated to RWA use via blockchain technology. Originally, MANTRA debuted as a 

 (ETH) in August 2020. In October 2024, the project migrated to its own dedicated Layer 1 platform, the MANTRA Chain. The MANTRA blockchain is based on the Cosmos SDK framework, and is part of the wider 

The MANTRA ecosystem's main products include MANTRA DEX, a 

 (DEX); a digital identity (DID) management tool; a compliant token development and management solution; and a comprehensive compliance and permissioning system. MANTRA has also partnered with global powerhouses like Google Cloud, and with DAMAC Properties, one of Dubai's most prominent developers, to propel innovative solutions for 

Starting in late 2024, right after its own dedicated mainnet launch, MANTRA had become a significant player in the RWA corner of 

 (DeFi). By late February 2025, the platform’s native OM token had climbed to a value of nearly $9, with its market cap peaking at around $8.2 billion. Before the fateful events of Apr 13, 2025, OM was the third-highest-capped crypto in the RWA category, trading at $6.27, with a market cap of slightly over $6 billion, according to the CoinGecko portal.

In the evening hours (UTC time) of Apr 13, 2025, OM began to lose its value precipitously, dive-bombing from over $6 to about $0.52 in the space of two hours. The token’s market cap fell to slightly under half a billion dollars — a loss of more than 90%.

CEO John Mullin was quickly online, reassuring the crypto community that no team member had sold their OM holdings, and that this wasn’t a case of the bad ol’ rug pull. Instead, Mullin alluded that after OM tokens were moved to two leading CEXs (Binance and OKX) to use as collateral, the exchanges initiated a cascade of 

 of positions backed by the token. Both exchanges refuted the allegations, and connected OM’s price collapse to its recent unusually high price 

, and significant tokenomics changes made to OM in October 2024 that greatly undermined its value.

As a chain of liquidations took place, the token’s price started to plummet, causing significant panic that quickly led to further price drops. The situation only stabilized closer to the end of the day, with OM’s price remaining under $1. As of Apr 23, it’s trading at $0.5543 — a far cry from its rate of over $6 just two weeks ago.

After investigating, crypto analytics firm Lookonchain concluded that 17 wallets had deposited 43.6 million OM tokens (4.5% of the token's circulating supply) into the implicated exchanges. Two of these wallets are believed to belong to Laser Digital, one of MANTRA's investors. Another investor in the project, Shorooq Partners, is also suspected to be among the 17 wallets. Both Shorooq and Laser Digital have denied the allegations.

Although the price plunge was immediately compared to the 2022 collapse of the 

 (LUNA) blockchain, many analysts point out that the two crashes are fundamentally different. Terra's crash resulted from structural abnormalities in the 

 regulating UST, the project's stablecoin. In contrast, OM's fiasco is suspected to be the direct result of market-driven manipulation by 

, and possibly exchanges. No security breach, disruption to services or data, or other adverse structural events have occurred on the platform.

While this development is unprecedented for the project, MANTRA has been embroiled in other controversies throughout its history. One of these was its 

, first announced in August 2024 and then delayed multiple times. Around 50% of the wallets believed to be bots were cut off from the airdrop list. However, many considered the bot-culling process to have been conducted without much proof.

There have also been reports of vote rigging in the project's governance system in a bid to obscure MANTRA’s centralized model of profit allocation. Additionally, some analysts have accused the project of "forced bridging" to manipulate the market price. Platform users had to migrate their Ethereum-based OM tokens to MANTRA's native OM tokens via 

, which would increase gas fees and allow the project team to control the token's circulation pace.

How is MANTRA (OM) headed toward recovery?

MANTRA’s CEO rapidly reassured users that the team is now working hard to jump-start the token’s recovery. On Apr 14, 2025, Mullin unveiled plans to initiate a buyback scheme, along with the intent to burn all OM tokens held by the project team. The team's supply totals 300 million tokens, representing about 17% of the total supply.

He also denied factually incorrect assertions circulating online that the team effectively controls 90% of OM's supply. Mullin further assured the public that no large-scale selling events by investors have occurred.

As OM’s value has stayed firmly under $1, it remains to be seen how these PR efforts — as well as the planned buyback and burn — will affect the token’s future.

 as a swap pair with USDT, or on the Derivatives market as the 

Naturally, given the ongoing situation with the OM token, buying OM is at your own discretion, as right now the token is truly for the adventurous and brave at heart.

As of Apr 23, 2025, the OM token is trading at $0.5543, 93.8% lower than its ATH of $8.99 on Feb 23, 2025, and 3,138.8% higher than its ATL of $0.01726 on Oct 12, 2023.

Curiously, most crypto price prediction portals are optimistic about the OM token's long-term prospects. DigitalCoinPrice 

 of $1.81 in 2027 and $2.82 in 2030, whilePricePrediction 

It's hard to verify all the allegations flying around regarding the involvement of exchanges and key investors in the MANTRA OM incident. What matters at this stage is that the project team has been quick and proactive in injecting transparency and clarity into the situation.

The free fall in the token's price seems to be over by now. In fact, OM’s decline was over within hours of the incident. Moreover, unlike Terra's LUNA and UST coins, OM hasn't become worthless. All these factors point to potential stabilization and recovery ahead. The question now is: Will the pace and magnitude of the recovery be enough to save the project in the long term? At this early stage after the collapse, few people could answer the question with confidence. We'll eagerly await the developments over the next few weeks to see if MANTRA finds its way out of the woods. 

Intermediate

mantra om crypto.png

MANTRA (OM): Understanding its wild ride and road to recovery

In this article, we explore WalletConnect's features, its native token (WCT) and how you can trade WCT on Bybit Spot and Futures.​

WalletConnect is an open source bridging protocol that facilitates secure connections between digital wallets and 

 (DApps). With over 38 million unique active wallets and 57,000 supported apps, it’s getting noticed by the crypto community. In this article, we explore WalletConnect's features, its native token (WCT) and how you can trade WCT on Bybit.​

 protocol that allows users to connect their mobile wallets to DApps via QR code. This eliminates the need for browser extensions, and enhances security by keeping 

The protocol supports a wide range of wallets and DApps, making it a versatile tool for users navigating DeFi and web3.

 is essentially a decentralized infrastructure that facilitates a uniformed way for users to easily connect their crypto wallets with thousands of DApps. It operates through a network of

 that relay messages, ensuring reliable and secure connections. The network's design emphasizes scalability and resilience, catering to the growing demands of DeFi. 

When a user initiates a connection between their wallet and a DApp, WalletConnect establishes a secure session through a relay server that enables encrypted communication, allowing users to interact with DApps directly from their wallets. 

The network's architecture ensures that messages are transmitted efficiently, maintaining a seamless user experience.​

The WalletConnect ecosystem comprises various stakeholders, including node operators, wallet providers and DApp developers. Node operators play a crucial role by maintaining the network's infrastructure and relaying messages. 

To incentivize participation, the network implements a rewards mechanism whereby node operators earn WCT tokens, based on their performance and contribution. Prominent organizations like Consensys, Ledger and Figment are among the network's node operators, underscoring its robustness and reliability.​

 is the native utility and governance token of the WalletConnect network. It has a total supply of 1 billion, 

Initially, WCT is nontransferable to ensure that tokens remain within the WalletConnect ecosystem, supporting its focus on network functionality and development. Based on discussions within the community, transfers will be enabled based on community consensus and future governance decisions.

Where to buy the WalletConnect token (WCT)

 on Bybit Spot, and as a Perpetual contract with up to 75x 

. Bybit provides a secure and user-friendly platform for buying and selling WCT, allowing users to participate in the WalletConnect ecosystem. 

How to trade the WalletConnect token (WCT) on Bybit

Bybit's platform ensures efficient execution and provides various tools to assist users in their trading journey with ease.​ 

walletconnect wct.png

WalletConnect (WCT): Bridging web3 beyond wallets and DApps

Circle has launched the Circle Payments Network (CPN), a global payment solution designed to streamline cross-border transactions using stablecoins like USDC and EURC for real-time settlement. 

The S&P 500 rose 2.51% as investor confidence improved following President Trump’s support for Fed Chair Powell and hints of easing U.S.-China trade tensions, despite tempered optimism and Tesla’s earnings miss. Gold rebounds toward $3,400 as the US Dollar weakens and investor caution lingers over US-China trade and Fed concerns. Technicals suggest a possible pullback, with focus shifting to upcoming S&P Global PMI data. The Coindesk Indices, which tracks the broader crypto market, rose 7.46%, with Bitcoin and Ether up 4.68% and 7.70%, respectively, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today's top performer is DEEP, up 122.1%, following the launch of DeepBook v3.1 on Sui, which unlocks permissionless pools, enhanced balance management, and cost-efficiency for DeFi.

DeepBook (DEEP), launched on July 12, 2023,  is Sui’s native liquidity layer, using a central limit order book to enable high-throughput, low-slippage, and low-fee trading. 

, introduces several key upgrades: permissionless pools, revamped fee mechanics, and enhanced balance management. These changes make DeepBook more accessible, composable, and cost-efficient for DeFi users. Permissionless pools allow anyone to create custom trading pairs, while the enhanced balance manager supports third-party liquidations and improves protocol stability and user experience.

Check out the latest prices, charts, and data of 

, a global payment solution designed to streamline cross-border transactions using stablecoins like USDC and EURC for real-time settlement. CPN offers faster, programmable, secure, and always-available money movement for financial institutions. It supports services like invoice payments, remittances, treasury services, and payroll payouts. Over 20 design partners, including dLocal, WorldRemit, and BVNK, are contributing to building a more efficient global payments infrastructure.

Yesterday, Bitcoin spot ETFs saw $719.2M in total inflows, with $654.1M from non-GBTC funds and $65.1M from GBTC.

 its incentivized testnet, allowing users to earn $SO tokens by testing its cross-chain lending platform. By supplying and borrowing assets across chains and completing quests, participants earn "Seeds," which will convert to $SO at TGE. Powered by LayerZero, Soul aims to unify liquidity across blockchains.

Beginner

2.png

Circle launches Circle Payments Network for faster, secure global transactions using stablecoins

VeChain (VET) is a blockchain platform focused on sustainability, using eco-friendly technology to support green initiatives across industries and drive a more sustainable future.

Sustainability is now the name of the game across many industries. The blockchain industry is one of them, with several projects aiming to reduce the energy impact of their operations or support green causes in other ways. However, on closer inspection, sustainability has received much less attention in the world of blockchain technology than many people may assume. Indeed, the industry's two leading data portals, CoinGecko and CoinMarketCap, have no "Sustainability" or similar category, despite coming up with hundreds of other classifications.

Some smaller-cap projects outside of the top 100, such as 

 (IOTA), do focus on supporting environmental causes. But in the entire list of top 100 cryptocurrencies by market cap, only one project can confidently be described as having sustainability as its key pillar — 

With a market cap of $2 billion (as of the time of writing on Apr 22, 2025), VeChain stands head and shoulders above any other crypto project in the sustainability niche. The project has been fully operational since 2018, and is among the oldest environmentally focused blockchain initiatives. In short, if we talk about sustainability and blockchain, it would be disingenuous not to mention VeChain and its 

Having championed green blockchain causes since 2018, VeChain announced a significant upgrade initiative in late 2024 to be rolled out in stages during 2025. Called Renaissance, it’s envisioned to further solidify VeChain's position as the leader of eco-friendly blockchain use and introduce a host of technical improvements. In fact, 2025 is the year of the most fundamental upgrade to this notable industry player in its entire history on the market, so it's precisely the time to revisit this project in our coverage.

VeChain (VET) is a decentralized project designed to support sustainability-focused blockchain use cases across various industry verticals.

 The company was first conceptualized and founded as a blockchain project in 2015 by Chinese technology professional Sunny Lu. It launched its Layer 1 network, VeChainThor (VTHO), in mid-2018, becoming one of the first decentralized initiatives to support eco-friendly applications on-chain. The VeChainThor network features low transaction fees and high levels of scalability.

For years, the VeChain blockchain has remained probably the leading decentralized platform in the niche of sustainability. As of April 2025, it retains the leadership position, and is ranked 56th among all cryptocurrencies, with a market cap of $2 billion.

VeChain's sustainable blockchain technology

Many blockchains claiming to support environmental causes typically use the 

, which is indeed much more energy-efficient than the power-hungry 

 (BTC). By using PoS, these blockchains have boldly announced that their energy use is much lower than Bitcoin's. While this is true, these platforms are essentially general-purpose networks that don't specifically design their operations with any particular sustainability use case in mind.

Instead of these two typical consensus mechanisms, the VeChainThor blockchain uses 

 (PoA), touted to be even more energy-efficient than the standard PoS employed by 

 chains. In a typical PoA consensus, a smaller number of validators with "authority" — i.e., a history of reliable behavior on the network — are entrusted to process blocks. This is in contrast to PoS, whereby many validators take part in the staking contest to outperform each other in terms of token holdings. They then receive the right to validate the next block, and have to constantly align their consensus process with other 

As a result, PoS is usually less energy-efficient than PoA. VeChain's PoA model elegantly combines efficient processing, minimal energy use and high levels of enterprise-grade security.

The VeChainThor blockchain network's processing engine also features compatibility with the 

 (EVM), making cross-chain communication with the Ethereum world much easier for VeChain developers and 

PoA block validation isn’t the only sustainability-minded feature of VeChain. Unlike many other popular chains, VeChain also directly enables sustainability use cases, primarily by utilizing its tamperproof and transparent data-tracking mechanism. Thus, enterprises across different industries can track and reliably verify the origin of goods and their sustainability status for eco-friendly supply chain management. For instance, supermarket chains can use the platform to track and verify the carbon footprint of the produce they source; logistics companies can calculate the overall emissions generated along their supply chains; and fashion brands can track sustainable sourcing of materials used for their product lines.

Besides its own blockchain, the project also offers a blockchain-as-a-service (BaaS) platform, VeChain ToolChain, to help businesses integrate VeChain's technology into their business processes via standardized smart contract services.

To further position itself as a champion of sustainability, VeChain launched 

 represents an on-chain ecosystem of DApps that reward VeChain users for completing various eco-friendly tasks, such as using reusable coffee cups, shopping for organic products, picking litter off streets and more. VeBetterDAO is the project’s foray into the individual consumer side of environmentalism, which complements the VeChain platform’s long-standing sustainability features for the enterprise world.

In late 2024, VeChain first announced its planned multi-stage upgrade, Renaissance, to make the platform even more efficient. Its changes are envisioned to take place gradually throughout 2025, and possibly beyond. The Renaissance upgrade touches many parts of the platform, with three key areas involved — a new VeChain staking and node model, technical updates and changes to the dual token mechanism. We'll cover the first two areas below, and the changes to VeChain’s tokenomics in the next section.

VeChain’s PoA block validation model uses a group of 101 trusted Authority Masternodes (AMs) who will fully transition to Validators under the new Renaissance model by December 2025. Each Authority Masternode is approved by the VeChain Foundation. These nodes are responsible for generating transaction blocks. You’ll need to 

 at least 25 million VET to participate in block production, which occurs in fixed 14-day cycles.

Under the platform’s pre-Renaissance model, there are two more types of specialized nodes — Economic and X-Nodes — who stake their tokens to a selected AM/Validator and participate in 

 on the platform. After the Renaissance upgrade is fully rolled out, Economic nodes and X-Nodes will be replaced by a tiered system of Delegator nodes.

Delegators will need to stake a certain amount of VET tokens to mint Delegator 

, which will entitle them to different grades of staking reward multipliers. The more you stake, the higher grade of NFT you receive, and the higher your staking rewards will be. When blocks are produced, AMs/Validators will receive 30% of the total block reward, with the remaining 70% going to holders of the Delegator NFTs.

The image below shows the new Delegator NFT–tiered model, with minimum VET staking requirements and reward multipliers.

While the VeChainThor network is EVM-compatible, there are still differences between its technical parameters and the standard EVM used by Ethereum. For this reason, the Renaissance upgrade aims to reach full EVM compatibility, including implementing the JSON-RPC (

remote procedure call) extensively employed within the Ethereum blockchain.

As part of the Renaissance upgrade, the project will also introduce a new set of tools to achieve more seamless cross-chain capabilities. This will involve integrating new 

The VeChain token model has always been based on two cryptocurrencies: VET and VTHO. VET is the 

 that acts as the main means of value storage and transfer on the platform, while VTHO is used to pay for gas. Now, the Renaissance upgrade also changes the way the dual-token mechanism operates.

Before the upgrade fully kicks in, VTHO is still generated by simply holding VET. After the Renaissance, only staked VET will generate new VTHO for the holder. This should better align VTHO with the active participation of users on the platform. VTHO's inflation rate will also be cut by over 70%, as its issuance will be aligned to a new emission model that considers the total amount of VET staked on the platform.

To further reduce the inflationary properties of VTHO, 100% of all base transaction fees on the network, which are all paid with VTHO, will be 

VET is the platform’s value transfer and storage token. It’s also used for governance and access to various features and apps on the network. VET is a supply-capped token with a max supply of just over 86.7 billion. These properties will not change following the Renaissance upgrade.

VTHO, which is used to pay for gas fees on VeChainThor, is an inflationary token with an uncapped supply. It currently has a total supply of almost 88,7 billion. As noted above, after Renaissance, VTHO will be generated via staking only, and will feature a burn mechanism to reduce its inflation rate.

 as a swap pair with USDT, and on the Derivatives market as the 

In addition, you can take advantage of Bybit’s event dedicated to the VET token to grab a share of a 

. New users can earn VET rewards by accumulating a deposit volume of at least 5,000 VET, or by depositing at least 100 USDT and trading 100 USDT worth of VET via their first Spot trade using their Bybit account. Meanwhile, existing users can also qualify for rewards by trading at least 500 USDT worth of VET on the Bybit Spot market. The event runs through Apr 28, 2025, 9AM UTC.

As of Apr 23, 2025, the VET token is trading at $0.02576, which is 90.8% lower than its ATH of $0.281 on Apr 19, 2021, and 1,243.2% higher than its ATL of $0.001917 on Mar 13, 2020.

Long-term price forecasts for VET are mostly bullish. DigitalCoinPrice 

 of $0.088 in 2027 and $0.14 in 2030, while PricePrediction 

In the long term, VET might even rise to $1, at least according to PricePrediction’s forecast. Its portal is highly optimistic, estimating that VET will hit the $1 mark in 2034.

You might consider investing in the VeChain token VET based on the following:

When Sunny Lu created VeChain in 2015, his vision focused on sustainability issues. VeChain's work in this area has led to the creation of the first decentralized network truly dedicated to making a tangible environmental impact. The entire VeChain ecosystem — including the VeChainThor blockchain platform, VeBetterDAO and VeChain Toolchain — continues to serve as a significant enabler of sustainable technology in the business world.

Now, with the Renaissance upgrade being rolled out for the duration of 2025, VeChain aims to solidify its leadership in this sphere. With the Renaissance upon us, it's hard to see any blockchain platform that could challenge VeChain in the area of sustainability anytime soon.

Vechain.png

What is VeChain (VET): Building a sustainable future for all

Web3 Experts

Dive into the expert insights regarding the 2023-2024 NFT landscape with our guest author and explore the latest trends from metaverse interoperability to gaming NFTs and social tokens.

2401-T16454_Skinny_Banner_for_Blog_and_Learn_Row_53_728x90.png

Skinny_Banner-1600x400.webp

: Elsa is the head of research at NFTGo, which is the #1 insight-driven gateway to the NFT ecosystem. 

 space continues to evolve. We can observe most NFT-based applications gathering around the following points.

 — In 2023, many brands and creators launched proprietary virtual worlds and NFTs, but they remained fragmented. By 2024, cross-platform ecosystems could achieve unified digital identities and assets across different metaverses, driving transferable virtual experiences across the world.

 — While the "play-to-earn" model faced criticism in 2023, gaming NFTs will evolve into tools for creation, customization and governance. User-generated game metaverses leverage NFTs to prove ownership of digital assets.

 — Social NFTs allow rapid social media growth by establishing exclusive channels with creators. However, in 2024, we may see a shift from NFT speculation to models that directly share revenue through tokens, such as Farcaster’s DEGEN. These tips may provide creators with monetization in a more sustainable manner.

According to data, it’s evident that both 

 and trading volume have decreased as compared to the previous year. Market cap experienced a significant decline, dropping by 41.79% and reaching a low of 3.3 million 

. Peak trading activity occurred on February 20, with daily trading volume soaring to an annual high of 240,000 ETH. However, this momentum didn’t sustain itself throughout the year. Anticipated updates and releases of games like 

 failed to meet community expectations, leading to a cooling of market enthusiasm. As a result, trading volume remained subdued mid-year. Nonetheless, signs of rebound began to appear from November onward.

 underwent an adjustment of about 70%, indicating an overall suppression. However, toward the end of 2023, some persistent signs of resilience appeared as the index rebounded from its low of 4,488 points in October 2023 to 5,000 points by the end of the year. This may indicate that demand for high-quality collectibles still exists.

Looking ahead to 2024, there’s a collection leading the NFT bull market: 

. The market may oscillate as a result of speculation and be accompanied by temporary volatility spikes.

 the 2023 NFT trading volume reveals that blue-chip collectibles still dominate the market. 

 (BAYC) alone accounted for 10.45% of the total trading volume, with 

nd and third, respectively. The combined trading volume of the top nine collectibles accounts for nearly 50% of overall trading activity. While new collectibles frequently emerge, data indicates that the most reliable blue-chip NFTs continue to drive the majority of trading activity.

The chart above shows that PFP remains the cornerstone of NFT applications, with a total market value of about 4 million ETH. In contrast, the art category surpasses gaming, collectibles and utility, rising in the NFT space with a market value approaching 500 million ETH. This surge is likely driven by significant advancements in AI, significantly boosting the market. Additionally, domain categories have become more prominent in the NFT space since last year.

PFP will continue to be the cornerstone of the NFT industry, providing a foundation for various NFT collectibles to expand their influence. Notable developments include Yuga Labs launching new games, innovative collections and elements introduced by Azuki and DeGods, and the collaboration between Pudgy Penguins and Walmart. 

The integration of AI technology injects new momentum into the industry, promoting an increase in video and generative art NFTs. Looking ahead to 2024, we expect to see more innovative efforts to further activate the market.

The gaming category has the highest liquidity, having risen by about 380%. The issuance of NFTs for classic games like OVERWORLD 

 and Pixelmon further activates the market. Liquidity in the art and land categories is also significant, both of which exceeded 200% of other categories.

As 2023 came to a close, the NFT market experienced less volatility as compared to the previous year. The first four months were characterized by increased activity. NFTGo's data shows a decrease in overall market activity in 2023, while active traders decreased significantly, down 47.51% from 2022. Despite this decrease in trading activity, the number of NFT holders saw significant growth, increasing by 132.44 over the previous year and reaching a total of 6.42 million.

The above data shows that the ratio of daily buyers to sellers in 2023 ranged from 0.52 to 1.02, with an overall average of 0.85, indicating a relatively balanced market between buyers and sellers. September had the highest monthly average ratio (0.92), indicating the upcoming "Uptober."

 dominated the market with a trading volume of 7.74M ETH, six times higher than its next competitor. However, 

, a newcomer, saw explosive traffic growth after its release in October 2022, surpassing OpenSea's daily trading volume by December.

This growth continued more steadily in 2023, with Blur accumulating a total trading volume of 4.33M ETH, 2.5 times that of OpenSea's 1.7M ETH. However, OpenSea maintained its lead in terms of sales volume with 7.9 million, compared to Blur's 4.1 million. This suggests a higher average transaction value on Blur.

In the past month, Blur has had 292,000 active traders, including 187,000 buyers and 210,000 sellers. OpenSea had a total of 642,000 buyers and 719,000 sellers, but Blur attracts more high-value 

Key factors contributing to Blur's growth include its zero platform fees, token incentives and features catering to professional traders, such as bulk purchasing. Traders are more inclined toward markets with features like multi-chain trading, highest liquidity and security.

Overall trading volume and number of traders have significantly increased over 2023, indicating a growing interest in 

 NFTs. Weekly total trading volume between the two markets increased from approximately $1.5 million at the beginning of January to over $11 million by the end of December. The number of active weekly traders increased from about 80,000 to over 110,000 during the same period.

The number of unique collections traded weekly increased from around 5,000 in January to over 15,000 in December, indicating a growing diversity of NFTs traded on Solana.

Meanwhile, the number of active traders of NFTs on Solana surged in 2023, with total weekly traders on Magic Eden and TensorSwap more than tripling from January to December and surpassing 100,000 by December.

Average weekly transaction size decreased over the year, from approximately $850 in January to $550 in December, with Magic Eden’s average transaction size consistently larger than that of TensorSwap.

Although Magic Eden accounted for the majority of trading volume and traders, TensorSwap saw growth in Q4 2023. Magic Eden's share of total weekly trading volume decreased from 90% in the first quarter to 60% in the fourth quarter, while TensorSwap's share increased from 10% to 40%. This indicates increasing competition between the two markets.

 disrupted the industry with innovative inscription concepts, gaining attention from all investors. Since January 2024, the total number of inscriptions has exceeded 56 million. As shown above, from April to September 2023, there was a period of significant growth as most markets began to support Ordinals and the 

. Although the number of daily inscriptions temporarily decreased in October, a series of favorable market conditions, such as the launch of UniSat's Brc20-swap, contributed to the recovery.

Types of Ordinals. Source: Dune Analytics

Initially, Ordinals were primarily used for images. However, with the development of the market and the introduction of BRC-20, the lack of file format restrictions in Ordinals made it possible to embed JSON files (mainly text formats) into BTC. With the help of a Indexer, BRC-20 can replicate functionality similarly to ERC-20, including minting and asset transfer. This progress has made text the most popular type of Ordinals, accounting for nearly 90% of daily inscriptions. It’s noteworthy that the number of text inscriptions periodically exceeded 400,000.

Market development is closely related to the progress of Ordinals. UniSat marks an important milestone in this development. Over time, major exchanges such as Bybit began listing the $ORDI token, significantly increasing trading volume. As of January 2024, over $1.8 billion worth of transactions have been executed, highlighting the strong growth of Ordinals and their increasing market acceptance.

Since the beginning of 2023, Ethereum has been at historic lows, and the floor price of NFTs has remained relatively low. It’s noteworthy that the ratio peaked in February, coinciding with Ethereum's lowest price of $1,429 during the year. This indicates that although there’s an overall correlation between the NFT market and the Ethereum market, the NFT space demonstrates its unique stability.

Throughout 2023, the NFT/ETH market value ratio showed a downward trend, decreasing from around 0.06 to below 0.04.

In summary, the correlation coefficient between the two markets in 2023 was approximately 0.6. Lower correlations occurred in Q1 and Q2, when the Ethereum market was sluggish. In Q3 and Q4 of 2023, the correlation coefficient remained stable, exceeding 0.8, indicating that NFTs also tend to show strong trading volume in a more active Ethereum market.

In 2023, the average weekly NFT deposit was around 3,500, sometimes exceeding 5,000. The top 10 collectibles accounted for an average of 30–40% of deposits. DeGods and Mutant Ape Yacht Club were the most stable deposit collections throughout 2023. Azuki also ranked in the top five in most weeks.

By the end of June, deposits surged, due to increased volatility in the crypto market. If growth continues at the 2023 rate, we can expect average weekly deposits to range from 4,000 to 5,000 in 2024. Some potential peaks may reach over 6,000 deposits per week. Blue chip NFTs are likely to continue to be the preferred deposit choice.

 Trending Toward Stability After the Hype

NFT 2024 Annual Review: Overview of NFT Ecosystem and Market Performance

Compete for 2,500 USDT Every Week

Earn Points by Completing Tasks

Event Rules

Weekly Leaderboard