The NFT market is in trouble “Is the phenomenon ending yet?” asks the Wall Street Journal. The answer isn’t obvious and it wouldn’t even be the first moment of stalemate in the crypto collectibles industry.
The starting point is the following: the number average daily sales of NFT In September there were 225,000, today 19,000. Average daily sales fell 92% in less than a year.
But not only that, the active wallets in the sector have also declined. There were 199,000 digital wallets active in the sale of NFT, today there are only 14,000.
According to the WSJ, the phenomenon could be explained at least in part by the collapse of the traditional stock market, which would have led to a escape from the most speculative activities A more risky operation is hard to imagine than betting on an image in .jpg format (so to speak).
The flip side of the coin is that by reducing the number of transactions, too prices have collapsed Few NFT collections have kept their value unchanged compared to mintlet alone the ones that have gone up in price. Aside from the hubbub of the so-called blue chip projects, which are now selling for tens or hundreds of thousands of dollars, what remains is a wasteland made up of junk projects whose value – after the so-called fear of missing out – collapses to zero inexorably and quickly.
The NFT’s case of Jack Dorsey’s first tweet is emblematic: in March it was auctioned for $2.9 million, exactly a year later it was auctioned again, but virtually no one showed up, so much so that the highest bid was ” only’ 14 thousand dollars.
And it’s full of stories like this, the WSJ writes. A collector bought an NFT in April that had been sold by rapper Snoop Dog for $32,000. Re-auctioned, that same NFT remained unsold. The highest bidder gave away 0.0743 ether. Just over $200.
Source: Lega Nerd