NFT Trading Volume has Fallen 97% Since the Beginning of the Year

NFTs have been in steady decline for months, and new data shows just how bad it has gotten: digital collectibles have basically lost all of their luster and trading volume has collapsed by 97% since the beginning of 2022. A Bloomberg report shows trading volume for non-fungible tokens (NFTs) has gone from $17 billion. NFTs below the point they were in just before the NFT boom that took place in the summer of 2021 which saw the creation of NFTs explode in popularity. Gizmodo notes that OpenSea, which is the largest NFT trading platform by volume, saw its sales drop 75% in September compared to just two months prior. This, despite the fact that the number of traders hasn’t really fallen much even though the number of trades has collapsed. There were over 42,000 total traders in September.

Leave a Reply

Your email address will not be published. Required fields are marked *