NFT sales plummet 92%, but is that the whole story?

NFT sales plummet 92%, but is that the whole story?

NFT sales plummet 92%, but is that the whole story?

News broke this week of an NFT crash – with sales down 92% according to some data. The incredible increase in non-fungible tokens over the past year, spurred no doubt by lockdowns, has sparked feverish enthusiasm for this new art, but it looks like the fun is over. Where is it? What is the full story behind this recent news?

Recall that non-fungible tokens are digital files stored on a blockchain that create scarcity. You can find out more in our guide, What are NFTs? or try creating an NFT for free in our tutorial. We have NFT tips for beginners, to learn the basics.

Back to this news. The slowdown reported by crypto data site NonFungible shows a decrease in trading volume of 47% in the first quarter of this year compared to the previous quarter. Sorry to bore you with numbers, but it’s ultimately a sign that reality is weighing on a technology and a market that has been highly hyped and underused for some time.

NFT crash, seen in a chart

NFT sales seem to have slowly declined since last year, although you can clearly see that some projects are still having an impact (Image credit: non-fungible)

But the idea that NFTs are over is probably an overblown belief. For example, the Moonbirds NFT project added $500 million in transaction volume, while the Solana blockchain saw a 91% increase month-over-month, recording nearly $300 million in NFT transactions.

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