📉📉Steep Decline in NFT Trading Activity on Flow

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Good evening (because it's always evening somewhere!). You're reading "To The Moon," the only newsletter keeping their fingers and toes crossed. So, let us take you on a journey of pain and pleasure to see what's been happening in the NFT space on December 19th.

Got feedback for us? Great, don't keep us in the dark! Send all of your thoughts to [email protected].

• EU Force Apple To Allow 3rd Party App Stores On Its Platform

• Steep Decline in NFT Trading Activity on Flow

• Half Moons 🌗 - Daily tidbits

• NFTevening's Shooting Star 🌠 - Our artist of the day

• Dark Side of The Meme 🌚 - your daily dose of NFT laughter

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EU Force Apple To Allow 3rd Party App Stores On Its Platform

Apple and NFTs have not been the best of friends. From Apple's mammoth 30% App store fee to insisting that NFT apps must not offer any extra functionality for NFTs, the relationship has been strained to say the least.

However, Apple's chokehold on NFTs is coming to an end! Well, in the EU at least.

An impending EU Act signifies a hefty win for NFT developers and traders in the EU since Apple will now allow 3rd-party app stores on its platform. This has come to play through the European Union Digital Markets Act, which will go into effect in May 2023.

NFTs - 1, Apple - 0

The aim of the EU Digital Markets Act is to prevent large online platforms from acting as "gatekeepers" in digital markets. It ensures that online platforms like Apple operate in a fair manner.

So, in order to play fairly, the tech giant will have to allow iPhone and iPad users to install non-App Store apps next year. NFT traders and creators can now avoid Apple's restrictions - including that hefty 30% commission!

Remember when Coinbase users could no longer transfer NFTS using their wallet Apps? All because Apple wanted 30% of the gas fee (seriously Apple, read the room here). Now, with the new DMA in mind, there is potential for an influx of NFT related apps!

(Everyone cross your fingers and toes that this creates a new bull run please).

So when is this happening? Well, Apple plans to have the changes ready and implemented as part of an update to next year's iOS 17.

Still, don't hold your breath. The Digital Markets Act came into force on November 1st, but companies have until 2024 to comply with the new rules.

Steep Decline in NFT Trading Activity on Flow

From bull runs to bear markets. We have been in this current bear-market for what seems like forever. Now, we are witnessing a steep decline in NFT trading activity on the Flow blockchain. The likes of NBA Top Shot and NFL All Day, have seen month-after-month volume decreases.

When will the sun come out and end this crypto winter?

The blockchain popularized by NBA Top Shot dropped from about $39m to $15.5m in volume, according to DappRadar. Keep in mind, this drastic decrease surprisingly occurred in the span of only 2 months. In December, the NFT trading volume was lower than the previous month's figure of $7.7m.

Also, according to Cryptoslam, NBA Top Shot had its worst month in over two years, accumulating only $2.1m in market transactions. (ONLY $2.1 may seem like a lot to the likes of an average joe like me, but this is a decline of $4.9m when considering the project's NFT volume from August!)

So, along with trading plummeting, the number of unique buyers also declined, sitting close to 7100 buyers. NFL All Day marketplace also had its worst month since its inception.

Not such a holly jolly Christmas after all.

Flow is not the only blockchain having troubles. Other networks that are associated with NFTs have also sharply declined, including Ethereum and Solana. Even though they didn’t fall as much, the entire NFT market has been experiencing the effects of this rough market.

The overall volume of NFTs has decreased 97% since the start of the year According to Dune Analytics.

WAGMI right? Right!?

Half Moons 🌓

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• The NFT Bubble Has Finally Burst, or Has It? [NFTEvening]

Shooting Star 🌠

Dana Ulama

Dana is a digital artist from Germany. She received her diploma in Design in 2013 and has worked as a Graphic Designer. However, since she began freelancing in 2019, she has focused more on creating animations and digital drawings in Procreate. You can find her creations on SuperRare, Foundation, and Nifty Gateway. Visit her Twitter @DanaUlama to learn more.

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