According to Nansen data, the NFT transaction volume in the first quarter of 2023 was approximately US$4.5 billion, a month-on-month increase of 136.8% compared to US$1.9 billion in the fourth quarter of 2022. The number of independent wallet addresses for trading NFTs only increased by 24.5% to 13.9 million, which is likely related to the Blur token airdrop. In addition, the NFT transaction volume in April 2023 fell by 30% month-on-month compared to March, and the weekly transaction volume and transaction addresses in the first week of May both hit a new low for the year.