New Delhi: The sales of non-fungible tokens (NFTs) have dropped by a whopping 92 per cent since September last year, data from popular website NonFungible shows, which may put crypto lovers in a tizzy.
NFT sales The Wall Street Journal, citing data, reported the fall this week to a daily average of 19,000, a 92 percent drop from a peak of nearly 225,000 in September.
According to the report, the number of active wallets in the NFT market fell by 88 percent last week to around 14,000, from a November high of 119,000.
The incredible enthusiasm for NFTs led to the tremendous growth of the niche industry in 2021.
The word NFT was chosen by Collins Dictionary as the word of the year for 2021. The Collins Dictionary describes the NFT as “a unique digital identifier that records the ownership of a digital asset”.
However, with a turnover of around $8 billion in the first quarter of 2022, the market cannot really be considered collapsed.
According to NonFungible, “We are seeing another form of stabilization, corresponding to the last quarter of 2021. In contrast, sales volume declined by about 50 percent, with a great deal of volume reduction in buyers and sellers.” ,
Many NFT owners now find their investments much lower than those pieces of art.
Crypto Entrepreneur Sina Estavi Paid $2.9 Million for NFTs of First Tweet by then-Twitter CEO Jack Dorsey.
Last month, he planned to sell it and to his horror, he only got a top bid of $6,800.
Estavi sought $48 million to NFT for resale on the NFT marketplace OpenC.
The NFT market is currently represented by sectors such as collectibles, games, entertainment, and art.
The global NFT market is dominated by players such as Binance, Dapper Labs, Foundation Labs, Gala Games, Onchain Labs, OpenC, Theta Labs, Yellowheart, and Yuga Labs.
The niche Indian NFT market now has players like WazirX NFT Bazaar, Jupiter Meta, Rario and Beyondlife.Club etc.
Cricketers like Virender Sehwag, Sunil Gavaskar, Zaheer Khan, Rishabh Pant and Bollywood celebrities like Amitabh Bachchan, Salman Khan, Rajinikanth, Sunny Leone and Flora Saini have joined the world of NFTs.
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