Global NFT Sales Volume Has Dropped by More Than 50%

NFT market is on the red side

While March experienced around $2.3 billion in NFT sales volume, it still proved to be a difficult month for the entire space.

For NFT critics, this figure is significant due to their belief that digital collectibles will replace mainstream art, which is still considered a novelty by millions of DeFi enthusiasts and blockchain technology experts.

The global NFT sales fell by 21% from February 2022, which generated approximately $2.92 billion in sales.

Could the drop hurt the future of digital collectibles?

The fall in sales over the last month could hurt digital collectibles, as new buyers will look to previous months’ data to decide whether or not they should invest in NFTs. Despite global NFT sales increasing 493% since March 2021, which generated around $387 million, the periodical accumulation of investor demand for NFTs has failed to attain the new high highs of the previous year.

Global NFT sales volume reached an all-time high in August 2021. This was a time when Bored Ape Yacht Club reached a yearly high of around $297 million and NBA TopShot also generated an impressive $37 million in sales volume. Total sales volume for the entire NFT market was in the region of $4.91 billion.

Since the entire market follows the price patterns of BTC and altcoins, the bearish engulfing towards the rest of 2021 did not bode well for the fortunes of Global NFT sales. August 2021’s milestone dipped by 33% to approximately $3.27 billion in September 2021, and a further 46% decline to around $2.61 billion in the last month of 2021.

Overall, the difference between the all-time high Global NFT sales in August 2021 and March 2022 was $2.61 billion. A 53% decline in sales in 7 months. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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