Did The NFT Market Officially Crash?
I have been reading reports saying the NFT market has officially crashed after just four months. Let's do a dive and see if there is any validity to these statements.
Looking at the charts it seems the market may have topped on May 3, when the NFT market reached a peak with $102 million USD worth of Non-Fungible Tokens sold just that day.
However, this issue now is sales have fallen off a cliff with only $19.4 million USD in NFT sales was processed.
Comparing that to the $170 million USD in NFTs transacted the week of the peak, the market saw approx. 90% percent drop which by all accounts is a bubble bursting...
The number of active NFT wallets has dropped from over 12,000 at each NFT category to just 3,900 which also strengthens the case that the market has peaked.
I think there is actually a shift occurring now that the hype has faded a bit. Collectibles like CryptoPunks and Hashmasks are still going strong and there looks to be a shift from crypto-art to “metaverse” NFTs which is where I see the market going.
This would be NFTs like digital real estate and other virtual artifacts. I have been exploring Wax games after being involved with splinterlands since it was steemmonsters. I don't think these games will be going away, but it is concerning when you see NFT sale fact like these.
As the market recovers from the selloff in the boarder market I expect that some of the NFT sales will increase. However, the hype is gone and people have moved on to scam coins like cummies and elonsperm.
Posted Using LeoFinance Beta
