NFT Sales Plummet 92% as Market Collapses

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Sales of non-fungible tokens (NFTs) have fallen 92 percent since September, according to new data.

Analysis by the website NonFungible, first cited by the Wall Street Journal, found that NFT sales fell to a daily average of 19,000 this week, compared to 225,000 seven months ago.

Active wallets, which are used to store NFTs, also dropped by 88 percent. The article concluded: “The NFT market is collapsing.”

Data from Google Trends also shows that online search interest in the technology – which allows assets like digital artwork to be traded and stored through online ledgers – has plummeted by 89 percent since peaking in January 2022.

Separate data from Dune Analytics suggests the decline may not be so severe.

Last month, the Royal Mint announced that it would create an NFT backed by the UK government this summer as “an emblem of the forward-looking approach” it wished to take.

“Unlike the EU and US, the UK has a small number of regulators, and central government sets the overall framework and can take decisive action,” the economic secretary John Glenn said at April’s Innovate Global Finance Summit 2022.

“We can move very nimbly,” he added, though the issuance of a government-backed NFT appears to come after interest in the space has substantially subsided.

The apparent decline was seen during an auction of an NFT of Twitter co-founder Jack Dorsey’s first tweet last month.

 

Source: Independent

Image Credit: MSNBC

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Luka Marjanovic

Partner

As Partner at Internet Bull Report, Luka brings deep expertise in Capital Markets, Financial Marketing, and Strategic Communications to his work advising clients. He is passionate about exceptional client service and devising transformational strategies that enable unrivaled performance. Luka holds a Bachelor’s in International Business and a Master’s in International Management. Over the years he has worked with organizations across a wide range of industries, playing a lead role in defining and delivering the strategy and direction of new and existing business operations. Prior to his business education, he studied biology-and-biotechnology and served in the Danish Royal Army as Second Sergeant; leading and managing a group under extreme pressure and conditions. Luka has spent significant time abroad, living and working in seven different countries. When he's not in the office, he's chasing the next gusts windsurfing, carving the mountain snowboarding, or out in the forest for a jog.