The NFT Industry Is Showing Signs of ‘Slowing Down,’
The non-fungible token (NFT) train looks to have hit the brakes after a roller-coaster ride last year.
The sector is exhibiting indications of downturn a year after the most expensive NFT sold for $69.3 million, with OpenSea’s selling volume plummeting to $2.5 billion last month from a high of twice that in January.
Last month, however, the total number of people buying digital collectibles fell to 635,000, with an average price of $427.
Pablo Rodriguez-Fraile, an NFT enthusiast, told Reuters:
“Obviously the enthusiasm and interest that we had at some periods last year is not here anymore. I think we achieved something that wasn’t sustainable.”
Modesta Masoit, the director of finance and analytics at DappRadar, on the other hand, feels the market is in a moment of consolidation rather than decline. She believes that Russia’s invasion of Ukraine is one of the reasons why investors are becoming cautious.
“Everyone was expecting there to be a period of consolidation,” she told Reuters. “It isn’t going away; rather, it is consolidating.”
Last September, the average price of an Art Blocks NFT, a set of computer-generated collectibles, was $15,000. In March, though, prices fell to roughly $4,200.
However, six-figure NFTs, such as the Bored Ape Yacht Club collection, continue to sell for approximately $300,000.
In 2021, the entire transaction volume of digital collectibles surpassed $17 billion. The number of NFT holders and traders increased to 2.5 million, while the number of people purchasing increased to 2.3 million, a significant increase from the 75,000 in 2020.
According to a poll conducted by digital security firm Privacy HQ, nine out of ten people have been scammed, half have lost access to their NFTs at some time, and two-thirds have panic-sold in the past.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Author
NFTs News
The NFT Industry Is Showing Signs of ‘Slowing Down,’
The non-fungible token (NFT) train looks to have hit the brakes after a roller-coaster ride last year.
The sector is exhibiting indications of downturn a year after the most expensive NFT sold for $69.3 million, with OpenSea’s selling volume plummeting to $2.5 billion last month from a high of twice that in January.
Last month, however, the total number of people buying digital collectibles fell to 635,000, with an average price of $427.
Pablo Rodriguez-Fraile, an NFT enthusiast, told Reuters:
“Obviously the enthusiasm and interest that we had at some periods last year is not here anymore. I think we achieved something that wasn’t sustainable.”
Modesta Masoit, the director of finance and analytics at DappRadar, on the other hand, feels the market is in a moment of consolidation rather than decline. She believes that Russia’s invasion of Ukraine is one of the reasons why investors are becoming cautious.
“Everyone was expecting there to be a period of consolidation,” she told Reuters. “It isn’t going away; rather, it is consolidating.”
Last September, the average price of an Art Blocks NFT, a set of computer-generated collectibles, was $15,000. In March, though, prices fell to roughly $4,200.
However, six-figure NFTs, such as the Bored Ape Yacht Club collection, continue to sell for approximately $300,000.
In 2021, the entire transaction volume of digital collectibles surpassed $17 billion. The number of NFT holders and traders increased to 2.5 million, while the number of people purchasing increased to 2.3 million, a significant increase from the 75,000 in 2020.
According to a poll conducted by digital security firm Privacy HQ, nine out of ten people have been scammed, half have lost access to their NFTs at some time, and two-thirds have panic-sold in the past.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
Latest
PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI
UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment
Press Release
PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI
Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says
