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NFT Frenzy Might Already Be Over Before Actually Taking Off
NFTs or non-fungible tokens were said to be the next big thing in the blockchain space; however, crypto experts might soon be eating their words. The NFT trend seems to be fizzling out after taking the crypto industry by storm. According to a report from Bloomberg, the trading volume for these digital assets plummeted a massive 97% from the record highs seen in January.
The catastrophic fall shows that the crypto market might be in its worst state and won’t recover anytime soon. Moreover, the remaining sales numbers are nothing compared to what NFTs witnessed at the start of the year. The current sales are around $466 million, in contrast to the whopping $19 billion monthly sales in January.
Trading Platforms Facing The Heat
The effects of the diminishing trading volumes of these digital assets have been experienced in the market as well. OpenSea, the world’s biggest NFT trading platform, sacked 20% of its staff a few months ago.
According to the data from DappRadar, a blockchain-tracking service, OpenSea saw a 99 percent drop in trading volumes since May 1. The trading figure fell from a whopping $2.7 billion in NFT sales to only $9.34 million, sparking concerns that the digital asset market might be crashing down hard.
Despite the slump in the trading volumes, OpenSea wants everyone to believe in the platform as they are still confident in their approach and wish to come back stronger.
Can NFTs Come Back Stronger?
It’s worth understanding that the macroeconomic conditions shouldn’t be ignored. Currently, most industries are riding on a patchy tarmac, as the global economy continues to struggle.
That said, the fading hype around NFTs fused with the distrust in the crypto industry and uncertain financial growth are making it hard for people to shell their hard-earned money on digital art. Moreover, the industry is plagued with scams and fraud, duping hundreds of customers every year.
Time To Pull The Plug?
As several experts have pointed out, it’s unlikely that we are seeing the last of NFTs. However, the overblown hype around owning an NFT might be dwindling, and the sales numbers and prices will reflect that.
With the trade volumes dropping catastrophically, we might soon see sellers becoming creative with their deals. Only time will tell if it’s for the better or worse. The dust surrounding the crypto market crash might finally be settling—and while NFTs might survive, people would likely stop splurging on digital art.