• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

NFT Sales Plunges To $63 Million Over The Past Week, Bubble Burst?

Anifowoshe Ibrahim by Anifowoshe Ibrahim
2 months ago
in NFT
0

Earlier this year, the NFT market was bursting with energy. Gaming companies, tech giants, fashion and sneakers companies turned to non-fungible tokens as the next big tech thing.

However, three months later, NFTs are no longer being discussed, with big publishers steering clear of them in the wake of considerable controversies and a massive drop in the NFT market as a whole.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In reality, as artists, investors, and entrepreneurs flock to the embryonic Web3 area, total NFT sales volume has surpassed $23 billion in the last year.

Why is the the NFT market suddenly quiet?

All Quiet On The NFT Front

The latest cryptocurrency sell-off is starting to affect NFT sales. According to NonFungible.com, sales reached $63 million in the previous week. This is down from $168 million in NFT sales last week. Weekly NFT sales peaked at roughly $1 billion in early January.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The world’s largest NFT trading platform, OpenSea, has seen daily NFT trading volume drop by 80%, causing what has been dubbed “the great NFT sell-off” by the media.

Related Reading | Retail Giant Walmart Ventures Into The Metaverse With Its Own Crypto And NFTs

According to Financial Times data, the daily transaction volume for NFTs on OpenSea decreased by 80% to $50 million in March, compared to $284 million in February.

NFT

Decline in OpenSea Volume. Source: Financial Times

On OpenSea, the NFT tracker DappRadar also shows a reduction in overall traders and volume. Overall trading volume has plummeted by almost 67 percent in the last 30 days to $2.6 billion (an astounding amount that is more than some game businesses earn in a year), with traders dropping by 23 percent to 489,796 users.

What’s more remarkable is that, even during the “great NFT sell-off” numerous millions of dollars and cryptocurrency are still changing hands on OpenSea on a daily basis. People are still spending thousands and hundreds of thousands of dollars on NFTs on average, but research suggests that the frenzy is decreasing.

Bubble Burst?

Bloomberg reported that the NFT market is beginning to cool. The average market value of nonfungible tokens has plummeted recently, falling from a high of $6,900 at the start of the year to around $2,000 now.

The total reduction is most likely caused by global uncertainty and political upheaval.

 

nft

ETH/USD jumps to $2,700. Source: TradingView

Related Article | Blockchain Forensics Firm Uncovers 15 Million Crypto Addresses Tied To Sanctioned Russians

Some collectors are beginning to lose money. Fortune reported one user sold a Bored Ape Yacht Club NFT for $224,000 today, a $67,800 loss.

The drop could also be attributed to increased scrutiny from US regulators. According to a Bloomberg article, the Securities and Exchange Commission (SEC) declared this week that it is investigating whether NFTs are securities and should be regulated as such.

Featured image from Getty Images, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Getty Images

Getty Images Teams Up With Candy Digital In Foray Into NFTs

5 days ago
Phishing

Phishing Scammers Steal Hollywood Comedian Seth Green’s Pricey Apes

6 days ago
The Nightly Mint: Daily NFT Recap

The Nightly Mint: Daily NFT Recap

6 days ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 week ago
Avatars

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

1 week ago
NFTs In A Nutshell: A Weekly Review

NFTs In A Nutshell: A Weekly Review

1 week ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.