97% decline in non-fungible token trading

After peaking in January this year, the vogue for NFTs (non-fungible tokens) seems to be temporarily dying out. The volumes of exchanges of jpg receipts have indeed fallen sharply in recent months.

This is what emerges from data published by Dune Analytics and viewed exclusively by the Bloomberg news agency. According to Dune Analytics, NFT’s sales volume declined from $17 billion in January to $466 million in September 2022. There is talk of a decline of 97% in nine months. Dune Analytics bases its analysis on data from NFT transaction platforms such as OpenSea, NFTX, LarvaLabs, LooksRare, SuperRare, Rarible and Foundation.

It also means that trading volume is back to a lower level than it was in July last year, before NFTs became a real trend. At the end of 2021, there was a surge in NFT sales and a solid increase in their prices, all made possible by a marketing campaign targeting the Bored Ape Yacht Club. The NFTs of a series of cartoon monkeys were among others bought and exhibited by well-known Americans such as Jimmy Fallon and Paris Hilton. They briefly became a status symbol, but their popularity declined just as quickly.

Chronicle of an announced death

NFTs are digital deeds of ownership that are stored on a blockchain. In this sense, they represent a kind of amplified version of the existing speculation in the crypto-market, with the same questions regarding fraud and environmental impact. Many current issues in the NFT market can also be blamed on ‘crypto-winter’. The digital currency market collapsed earlier this year with, as a result, a loss of some two trillion dollars for the ecosystem.

Previously already, it was obvious that the NFT market was not doing well. In June, OpenSea, the leading NFT trading platform, for example, was forced to lay off a fifth of its staff. Sales there had fallen by 75% in the space of two months.

This is what emerges from data published by Dune Analytics and viewed exclusively by the Bloomberg news agency. According to Dune Analytics, NFT’s sales volume declined from $17 billion in January to $466 million in September 2022. There is talk of a decline of 97% in nine months. Dune Analytics bases its analysis on data from NFT transaction platforms such as OpenSea, NFTX, LarvaLabs, LooksRare, SuperRare, Rarible and Foundation. This also means that the volume of transactions has returned to a level below which it was in July of last year, before NFTs became all the rage. At the end of 2021, there was a surge in NFT sales and a solid increase in their prices, all made possible by a marketing campaign targeting the Bored Ape Yacht Club. The NFTs of a series of cartoon monkeys were among others bought and exhibited by well-known Americans such as Jimmy Fallon and Paris Hilton. They briefly became a status symbol, but their popularity declined just as quickly. NFTs are digital deeds of ownership that are kept on a blockchain. In this sense, they represent a kind of amplified version of the existing speculation in the crypto-market, with the same questions regarding fraud and environmental impact. Many current issues in the NFT market can also be blamed on ‘crypto-winter’. The digital currency market collapsed earlier this year with a loss of some two trillion dollars for the ecosystem. Previously already, it was obvious that the NFT market was not doing well. In June, OpenSea, the leading NFT trading platform, for example, was forced to lay off a fifth of its staff. Sales there had fallen by 75% in the space of two months.

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97% decline in non-fungible token trading


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