I recently took a look at the data on NFT trading volume, and it’s pretty interesting. The leading projects Pudgy Penguins and BAYC are indeed rising—Pudgy Penguins has broken through 5 Ethereum, and BAYC has also climbed by more than 80% in the past month, making the market look quite lively. But on closer inspection, the overall picture in the market is a bit awkward.

According to CryptoSlam’s statistics, NFT trading volume has been declining from the beginning of the year through the recent months. Sales dropped from more than $300 million in February to less than $175 million in April. Both trading volume and active users have been cut by nearly half. What does that mean? It means participation is falling, and everyone’s enthusiasm has definitely cooled.

What’s even more interesting is that while NFT trading volume is decreasing, the average selling price is actually doubling—rising from just over $30 in March to $67 in April. It sounds like prices are going up, but in reality there are fewer people trading, and wash trading accounts for about half of the total volume. So those seemingly impressive gains are, in part, driven by the rise of Ethereum and Bitcoin themselves, rather than being entirely due to genuine demand in the NFT market.

In plain terms, the market is becoming more split: the top projects are banding together to stay warm, but participation across the broader ecosystem is shrinking, and trading activity is concentrated in just a few major projects. This rebound is more like a reshuffling of existing capital than new buying power entering the market.