New Delhi, India: According to data from the popular website NonFungible, sales of non-fungible tokens (NFTs) have dropped by 92% since September of last year.
According to figures cited by the Wall Street Journal, NFT sales this week fell to a daily average of almost 19,000, down 92 percent from a peak of nearly 225,000 in September.
The number of active wallets in the NFT market decreased by 88 percent last week to roughly 14,000, down from a peak of 119,000 in November, according to the research.
The incredible enthusiasm for NFTs led to the tremendous growth of the niche industry in 2021.
Collins Dictionary has selected NFT as the word of the year for 2021.”A unique digital identifier that records the ownership of a digital asset,” according to Collins Dictionary.
The market, however, cannot be deemed crashed with a turnover of about $8 billion in the first quarter of 2022.
We are looking at another form of stabilization in line with the last quarter of 2021. In contrast, sales volume declined by about 50 percent, with a marked slowdown in the volume of buyers and sellers,” according to NonFungible.
Many NFT owners are now finding that their investments are significantly lower than those of the art items.
Sina Estavi, a crypto entrepreneur, paid $2.9 million for NFTs of then-Twitter CEO Jack Dorsey’s First Tweet.
He wanted to sell it last month, but to his surprise, he only received a top price of $6,800.
Estavi sought $48 million from NFT for resale on the NFT marketplace OpenC.
Collectibles, gaming, entertainment, and art are currently represented in the NFT market.
Binance, Dapper Labs, Foundation Labs, Gala Games, Onchain Labs, OpenC, Theta Labs, Yellowheart, and Yuga Labs dominate the worldwide NFT market.
The niche Indian NFT market now has players like WazirX NFT Marketplace, Jupiter Meta, Radio, and Beyond life. Club etc.
NFTs have attracted cricketers like Virender Sehwag, Sunil Gavaskar, Zaheer Khan, and Rishabh Pant, as well as Bollywood stars like Amitabh Bachchan, Salman Khan, Rajinikanth, Sunny Leone, and Flora Saini.
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