From NFT (Non-Fungible Tokens) market is having a hard time. Since the absolute peak on May 3, sales have fallen by as much as 90%.
In a report from Protos you can see exactly what happened and what this means.
The month of May was a tough month for the crypto markets, but the NFT branch in particular has been hit hard. On May 3, a total amount of $120 million worth of NFTs was sold. Last week, that amount was just $19 million, which represents a 90% decline.
In addition, 12,000 NFT wallets were active daily at the beginning of May. That number has dropped to 3,900. This is also a significant drop of 70%. The decline has been seen in almost all NFT sectors, although the sports category has proved the most resilient. The decline in active wallets there has been hit least hard at 55%.
In the past 7 days, the sports and . categories have collectibles done it best as seen on nonfungible.com. Together they accounted for a volume of 40% of the total NFT market.
Nevertheless, the Protos analysts have their conclusion ready and it is clear. The NFT bubble has burst:
“All things considered, the data suggests that the NFT bubble lasted only four months, and it burst around this time in May.”
At the beginning of this year, NFTs suddenly emerged as the latest trend in the crypto industry. It could be following in the footsteps of, for example, DeFi on ICO, was then said. This led to divided opinions. Where some really saw the hype, for others it was mostly unnecessary noise and attention.
So at the moment it seems to come down to the latter. It is a side of crypto that represents less and less value, then the attention quickly diminishes.
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