The NFT Market Has Collapsed

*The Deadman* · 06-02-2021, 06:35 PM

According to Kotaku of all sites

https://kotaku.com/the-nft-market-ha...content=kotaku

Does anyone remember March 2021, when some techbros and artists were convinced that NFTs (Non-Fungible Tokens) were going to change the world? Well hi, it’s now June 2021 and the bubble has burst. I know, I am surprised as you are.

Despite clear evidence that the entire thing was “at best a scam and at worst an impending environmental disaster”, some folks were just too seduced by the promise of something new/making money, and for the briefest time literally hundreds of millions of dollars were sloshing around the world in exchange for videos people didn’t own, or certificates of authenticity for jpgs and gifs.

That golden age is now over, though, as we can see in this comprehensive study of recent sales data by Protos. It covers a lot of bases, but the most important figures are:

The overall NFT market has suffered a “near-90% collapse” since its peak.
That peak, May 3, saw $100 million in “crypto-collectible” sales in just one day. There has been just $19.4 million in sales in the past week.

NFT art sales are even lower, plunging from single days with millions in sales to just $3 million in sales globally for the past week, and that’s including both primary and secondary sales.

The number of active NFT wallets—the accounts being used to purchase the tokens—has fallen from over 12,000 to 3,900.

06-02-2021, 06:35 PM	#1
The Deadman Foot Elite Join Date: Aug 2009 Location: Maryland Posts: 3,990	The NFT Market Has Collapsed According to Kotaku of all sites https://kotaku.com/the-nft-market-ha...content=kotaku Does anyone remember March 2021, when some techbros and artists were convinced that NFTs (Non-Fungible Tokens) were going to change the world? Well hi, it’s now June 2021 and the bubble has burst. I know, I am surprised as you are. Despite clear evidence that the entire thing was “at best a scam and at worst an impending environmental disaster”, some folks were just too seduced by the promise of something new/making money, and for the briefest time literally hundreds of millions of dollars were sloshing around the world in exchange for videos people didn’t own, or certificates of authenticity for jpgs and gifs. That golden age is now over, though, as we can see in this comprehensive study of recent sales data by Protos. It covers a lot of bases, but the most important figures are: The overall NFT market has suffered a “near-90% collapse” since its peak. That peak, May 3, saw $100 million in “crypto-collectible” sales in just one day. There has been just $19.4 million in sales in the past week. NFT art sales are even lower, plunging from single days with millions in sales to just $3 million in sales globally for the past week, and that’s including both primary and secondary sales. The number of active NFT wallets—the accounts being used to purchase the tokens—has fallen from over 12,000 to 3,900. __________________ Last Movie Watched: Hell House LLC (2015). Last TV Show Watched: Adventures of Sonic The Hedgehog (S1:E29).