An interesting report came out from the Wall Street Journal the other day on the current state of the NFT market. Sales are flatlining and high priced NFTs are dropping in valve:
Some choice quotes on the state of the market:
Not sure if this thread is allowed since I know there's some kind of NFT ban but though it would be interesting for people to know how bad the current state of the NFT market that so many influencers and companies are currently trying to push.
NFT Sales Are Flatlining
The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.
www.wsj.com
Some choice quotes on the state of the market:
The NFT market is collapsing.
The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.
The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November. NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.
Many NFT owners are finding their investments are worth significantly less than when they bought them.
An NFT of the first tweet from Twitter Inc. co-founder Jack Dorsey sold in March 2021 for $2.9 million to Sina Estavi, the chief executive of Malaysia-based blockchain company Bridge Oracle.
Earlier this year, Mr. Estavi put the NFT up for auction. He didn't receive any bids above $14,000, which he didn't accept.
That lack of interest isn't unique. Interest in NFTs measured by the number of searches for the term peaked in January, according to Google Trends, and has fallen roughly 80% since then.
The imbalance between supply and demand is also hurting the NFT market. There are about five NFTs for every buyer, according to data from analytics firm Chainalysis. As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people, the firm said.
Not sure if this thread is allowed since I know there's some kind of NFT ban but though it would be interesting for people to know how bad the current state of the NFT market that so many influencers and companies are currently trying to push.