– 97%: NFT collapse continues

Who climbs too high, approaches the fall – After hitting new heights last year, the market for NFT no end of to slow down. A little update at the end of September 2022.

It’s all in the title: -97% on NFT volumes since last January!

According to aggregated data on NFT buying and selling platforms OpenSea, NFTX, LarvaLabs, LooksRare, SuperRare as well as rare and compiled by Dune Analyticsvolumes have therefore fallen by 97% in less than a year.

466 million dollars were exchanged in September against 17 billion in January of this year as can be seen on the following graph published in particular by Bloomberg :

Monthly trading volumes on major NFT platforms – Source: Dune Analytics

No Miracle for Cryptos Amid Global Crisis

The NFT market is suffering from the slowdown in financial markets which affects both cryptos and the more traditional economy. outbreak of war in Ukraine and crisisenergy ensuing. Stagflation world and the latent crisis of sovereign debt States. And to make matters worse regulators around the world have taken a liking to cryptos!

Don’t throw any more, Bitcoin & Co are just caught up in a whirlwind of bad news which does not call into question their intrinsic value but which greatly affects their value. And the NFTrisky assets by nature, did not escape the carnage.

At the same time, if we look beyond the month ofAugust 2021, we see that volumes were close to zero before taking off almost a year ago. Such an exponential rise had to come down at some point. To leave better? In any case, the arrival of giants like Apple in the sector should give some hope to NFT aficionados.

The article – 97%: The NFT Collapse Continues appeared first on Journal du Coin.

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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