The NFT market has collapsed – sales have fallen by almost 100% since September 2021

Sale of non-fungible tokens (NFTs) fell by almost 100% in nine months. This is evidenced by the data of the service nonfungible.

What is known

In September 2021 the market NFTs was at his peak. About 225,000 transactions were made per day. By the end of April 2022, daily sales had dropped to 19,000, i.e. immediately by 92%.

The number of active wallets has also decreased significantly. If at the end of last autumn there were almost 120,000 of them, now there are only 14,000. The fact that people’s interest in non-fungible tokens has faded is also evidenced by the drop in the number of search queries Google by 80%.

One of the key reasons for the market drop is a sharp decline in the price of an asset after a purchase. For example, Jack Dorsey's first entry in Twitter as NFTs was bought more than a year ago for almost $3 million. After 13 months, about $14 was offered for it at the auction 000.

Source: Wall Street Journal