The Wall Street Journal says NFT sales are flatlining 😱 While the market has cooled in recent months, this doesn't tell the entire story... 👇
A report in The Wall Street Journal has declared that "NFT sales are flatlining" — and yes, it asks whether this is the "beginning of the end" for non-fungible tokens.
The article by Paul Vigna cites some rather gloomy statistics from NonFungible — and claims that the number of NFTs sold has fallen to a daily average of about 19,000 this week.The article claims it's been accompanied by a slump in the number of active wallets too, and data suggests this fell to just 14,000 this week.Sina Estavi, who bought a tokenized version of Jack Dorsey's first tweet for $2.9 million, recently took the NFT off the market after only attracting a bid of $14,000.
Over the past week, it says 150,000 unique wallets interacted with OpenSea's smart contracts over the past week — 10 times more than what NonFungible's data indicates. The stats also reveal that 67,800 transactions took place on OpenSea alone over the past 24 hours. This covers buying and selling activity, meaning it isn't directly comparable to the figures that the WSJ reported. Nonetheless, it's substantially more.This isn't a case of the WSJ trying to pull the wool over anyone's eyes — and the crux of the story is undoubtedly correct: the NFT market has cooled substantially in recent months.
It notes that the market is saturated with NFTs, so much so that there are five available for every one buyer. And it points out that Google search activity for NFTs has plummeted in recent months, just like it has for most other cryptocurrencies.Launches of long-awaited NFT collections are still courted with excitement by crypto enthusiasts.
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