Global NFT sales have dipped to 53% in the last 7 months.
NFT sales achieved its all-time high in August 2021.
From August 2021 to March 2022, the difference is $2.61 billion.
The NFT sales in 2021 were a bang which also hit their all-time high in August while creating hype among the industry. Significantly, 2021 was the beginning of the huge adoption of NFTs all over the world while it achieved high in terms of popularity. The NFT is unique digital artwork and collectible that attracted the attention of many blockchain experts.
Consequently, during the first six months of 2021, the NFT sales bounced and recorded $2.5 billion in sales. Then achieved more than that in the third quarter of the same year which indicates its popularity. Although last year was a profitable and beneficiary year for NFTs, this year is a bit depressing.
NFT Market Displays Red Signal
The term “non-fungible tokens” has been in the industry for less than a decade and is not much popular among crypto users. While the past year was a blast for NFTs and the sales of NFTs gave a drastic change. Moreover, the most expensive NFT ever sold was “Beeple” which went for $69 million.
When comparative to last year’s data then it is depicting that the sales this year look depressive. The global NFT sales are almost 53% down in the last 7 months which is since its ATH in August. The drop in sales will affect digital collectibles, as the buyers might compare the sales data of last year and determine whether to invest in NFTs or not.
Despite a 493% increase in global NFT sales since March 2021, which earned roughly $387 million, the periodic buildup of investor demand for NFTs has failed to reach the previous year’s new high highs. Additionally, global NFT sales volume achieved its all-time high in August 2021, while the difference from that time to March 2022 is $2.61 billion. This depicts the 53% decline in sales during the past 7 months.