The recent downturn in the NFT market has been quite severe. The total valuation dropped to $2.5 billion in December from $9.2 billion in January, a direct halving with a decline of 72%. In simple terms, the market’s enthusiasm is significantly waning.

From the perspective of trading participation, the situation appears even more subdued. The number of buyers has been shrinking, and it’s even more painful on the seller side — the number of sellers has fallen below 100,000 for the first time since April 2021. This indicates that fewer and fewer people are willing to sell.

Former top projects like CryptoPunks and Bored Ape Yacht Club have seen their prices decline over the past month, with drops ranging from 12% to 28%. Honestly, the performance of these blue-chip projects has been dragging the market down.

Interestingly, art-related NFTs seem relatively stable. Instead, a new project called Sports Rollbots has emerged strongly, breaking into the top ten by market cap, with a floor price reaching $5,800 and a total valuation exceeding $58 million. This achievement is enough to overshadow the once-popular Mutant Ape Yacht Club. Market hotspots are shifting, and new opportunities are quietly emerging.