Sales of Non-Fungal Tokens NFT market have dropped by 92% since September, according to the Nonfungible website.
Sales of NFTs have dropped to an average of 19,000 daily this week, a 92% drop from a high of nearly 225,000 in September, reports The Wall Street Journal, citing details.
According to the report, the number of active funds in the NFT market has dropped by 88% to nearly 14,000 in the past weeks from a peak of 119,000 in November.
The impressive enthusiasm of the NFT led to a dramatic growth of the niche sector in 2021.
However, with nearly US $8 Bn sold in the first quarter of 2022, the market cannot be considered truly broken.
According to Nonfungible “We see a lot of a kind of stability, in line with the last quarter of 2021. Conversely, sales volume has dropped by about 50%, with a very significant decrease in the volume of buyers and sellers,”
Many NFT owners now get their investments much smaller than when they bought those pieces of art.
Crypto businesswoman Sina Estavi paid the US $2.9 Mn for NFT to CEO Twitter D Jacky’s first tweet.
Last month, he had planned to sell it and to his great surprise, he received a high bid of only US $6,800.
Estavi has indicated that NFT will be resold in the NFT OpenSea market area, asking for the US $48 Mn.
The NFT market presently represents segments such as sports and arts entertainment.
The worldwide NFT market is dominated by players like Gala Games, Binance, Yuga Labs, Dapper Labs, Onchain Labs, OpenSea, Yellowheart, Theta Labs, and Foundation Labs, among others.