The NFT frenzy has been one of the top cultural events this year, however, after a short and very lucrative run, it seems the market is ready to crash.
A report by crypto news site
For the uninitiated, NFTs, or non-fungible tokens, are unique and unforgeable digital assets that represent a wide range of tangible and intangible items. Since taking off this year,
On May 3, for example, NFT sales peaked at $102 million in a single day. But according to data analyzed by Protos, just $19.4 million in NFT sales were processed in the first week of June. That’s a very significant dip and marks a near 90% collapse.
However, according to
“This article definitely tried to take down the NFT space, through the revelation of a hypothetical bubble burst,” Gauthier Zuppinger, the co-founder of
If the numbers for NFT sales appear startlingly low, that is because the article only tracked on-chain transactions. Meanwhile, some of the biggest sales of crypto art – like the
All this is to say that the NFT market definitely appears to be cooling off, just not to the dramatic extent that Protos reports. But will it ever fully recover? We’ll just have to wait and see.