{"id":14661,"date":"2023-08-29T19:01:03","date_gmt":"2023-08-29T23:01:03","guid":{"rendered":"https:\/\/desis.osu.edu\/seniorthesis\/?p=14661"},"modified":"2023-08-30T17:06:19","modified_gmt":"2023-08-30T21:06:19","slug":"nft-trading-volume-is-sinking-but-its-not-stopping-developers-from-entering-web3","status":"publish","type":"post","link":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/2023\/08\/29\/nft-trading-volume-is-sinking-but-its-not-stopping-developers-from-entering-web3\/","title":{"rendered":"NFT Trading Volume Is Sinking, But It\u2019s Not Stopping Developers From Entering Web3"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.coindesk.com\/web3\/2023\/08\/03\/nft-trading-volume-is-sinking-but-its-not-stopping-developers-from-entering-web3\/\" data-type=\"link\" data-id=\"https:\/\/www.coindesk.com\/web3\/2023\/08\/03\/nft-trading-volume-is-sinking-but-its-not-stopping-developers-from-entering-web3\/\">Link<\/a><\/p>\n\n\n\n<p class=\"has-large-font-size\">&#8220;<\/p>\n\n\n\n<p><strong>Data from Web3 developer platform Alchemy shows while NFT trading volume fell 41% in Q2, nearly six million smart contracts were deployed across EVM-compatible chains.<\/strong><\/p>\n\n\n\n<p>Although fewer collectors are trading NFTs, more developers are focusing on building new use cases to bring Web3 technologies mainstream<\/p>\n\n\n\n<p>The past few months have been rough for non-fungible token (<a href=\"https:\/\/www.coindesk.com\/learn\/what-are-nfts-and-how-do-they-work\/\">NFT<\/a>) trading. But it appears builders are still bullish on Web3.<\/p>\n\n\n\n<p>According to developer platform Alchemy\u2019s latest\u00a0<a href=\"https:\/\/www.alchemy.com\/blog\/web3-developer-report-q2-2023\">Web3 Development Report<\/a>, while NFT trading volume fell 41% in the second quarter of 2023, 5.9 million smart contracts were deployed across Ethereum Virtual Machine (<a href=\"https:\/\/www.coindesk.com\/consensus-magazine\/2022\/12\/12\/ethereum-virtual-machine-evm-future\/\">EVM<\/a>)-compatible networks including Ethereum, Arbitrum, Optimism and Polygon. This number represents a 302% increase since Q1, and a 1,107% increase since the second quarter of 2022.<\/p>\n\n\n\n<p class=\"has-large-font-size\">&#8220;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p>Analysis &#8211; &#8220;NFTs were all the rave 3 years ago when they were correlated with digital artworks, they have died off as a result of overhype for use cases which they were not exactly intended for. <\/p>\n\n\n\n<p>Despite that, there are still many projects being created &#8211; hopefully in ways that are more useful than collectible artwork.&#8221; &#8211; Easton Nguyen<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Link &#8220; Data from Web3 developer platform Alchemy shows while NFT trading volume fell 41% in Q2, nearly six million smart contracts were deployed across EVM-compatible chains. Although fewer collectors are trading NFTs, more developers are focusing on building new use cases to bring Web3 technologies mainstream The past few months have been rough for [&hellip;]<\/p>\n","protected":false},"author":112,"featured_media":14662,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14661","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-science-tech"},"_links":{"self":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/14661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/users\/112"}],"replies":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/comments?post=14661"}],"version-history":[{"count":4,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/14661\/revisions"}],"predecessor-version":[{"id":14820,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/posts\/14661\/revisions\/14820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media\/14662"}],"wp:attachment":[{"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/media?parent=14661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/categories?post=14661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/desis.osu.edu\/seniorthesis\/index.php\/wp-json\/wp\/v2\/tags?post=14661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}