Is The NFT Craze Officially Over?

At a Glance-

  • NFT interest has declined drastically since the sector witnessed the highest sale in May.
  • NFT’s digital art demand dropped as buyers turn to metaverse NFTs.
  • Some crypto community members trust that the NFT vogue is finally over.

Over the last month, NFT (non-fungible token) network has witnessed increased growth. However, the latest Protos.com report shows that the sales declined drastically since May 3, when the assets reached the highest value of $102 million.

The source indicated a 90% decline in NFT sales during the period. The recent market data shows the sales dropping to 84,000 from 130,000 last month, a 35% loss.

A 90% NTF Sales Decline

NFT sales declined further, recording $19.4 million sales last week. With that, most digital market players conclude an end of the NFT craze. What do you think?

Protos.com’s study shows that the NTF networks have declined by 90% in total market performance since 3 May.

Although the crypto space has witnessed wild drops since last month, researchers found that NFT market performance declined drastically more than the crypto market.

The NFT wallets indicating daily market changes also dropped by a whopping 70% since last month, hitting a 3,900 low from 12,000 in its highest point.

Moreover, the report indicates that the decline affected all the NFT categories. They include gaming, decentralized finance, collectibles, art, metaverses, utility, and sorts.

Buyers Shifting to a Different NFT

Besides the reported NFT declines, buyers are shifting their attention to a different NFT type.

Digital art sales fell since Beeple recorded the $69 million sales on 11 March. For now, the NFT market witnesses increased demand for virtual real estate and collectibles such as metaverse. Although digital arts used to attract huge buyers, things might have changed this time.

According to Protos’ report, the NFT market has sold digital arts worth around $3 million. On the other hand, the market sold metaverse worth $3.3 million at the same time.

From the recent data, do you think that the NFT space will vanish? Keep in mind that the market has lost about 90% since its highest records. You can comment on your views in the section below.