In response to knowledge compiled from Dune Analytics, the weekly buying and selling quantity of nonfungible tokens, or NFTs, throughout the blockchain realm has plunged to $114.4 million.
This represents a lower of 98% from the $6.2 billion witnessed across the finish of January. Weekly NFT buying and selling quantity rose to an all-time excessive of $146.3 billion in early April earlier than falling off a pointy cliff in Might with the beginning of an ongoing crypto bear market.
On the identical time, nevertheless, the variety of wallets proudly owning not less than one NFT has skyrocketed to six.14 million, in comparison with 3.36 million on the finish of January. NFT marketplaces additionally noticed an enormous change from the start of the 12 months, the place market LooksRare was chargeable for a lot of the greenback buying and selling quantity. That has since switched again to OpenSea.
The value of NFTs has additionally fallen sharply as a part of a broader plunge within the value of Ether (ETH), the commonest cryptocurrency used to purchase and promote digital collectibles. Presently, an NFT solely fetches about $285 per sale on common, in comparison with round $2,000 in early January.
In an interview with Cointelegraph, Tony Ling, founding father of NFTGo, mentioned that innovation will proceed to drive NFT adoption regardless of the market downturn. Lately, put up workplaces in Austria have experimented with NFT stamps whereas Mastercard has rolled out NFT-customized debit playing cards.
Luxurious jeweler Tiffany & Co. has additionally unveiled a custom-made pendant expertise for CryptoPunk NFT holders. Month over month, nevertheless, the NFT market continues to worsen as the typical NFT weekly buying and selling quantity has fallen by about 30% versus its standing in August.
The journalist is a writer and digital nomad. Loves thinking, learning, and writing about all things Web3, particularly its impact on major creative industries.