NFT sales plummet more than 90% to 12-month lows.
The NFT market has been downward since the beginning of 2019, and this year’s drop-off was particularly steep. In Q1 2020, NFT sales were at their highest point ever—but by Q2 2022, they were down more than 90% from that peak.
What’s going on? Well, here’s the thing: most people don’t know how to use NFTs. Sure, they might have seen that one cool cat video or heard about some celebrity using them for a good cause—but it’s not something that comes up when you search “NFTs” online. The fact is, most people don’t know what NFTs are or why anyone would want to buy them. And that means there are only so many people who will be able to buy them at all.
Following a critical decrease in the general digital money market, deals of non-fungible tokens (NFTs) have tumbled to yearly lows. In June 2022, the every day normal for NFT deals, which usually appear as a unique work of computerized craftsmanship, was around 19,000 units. NFT deals topped August and November of last year, when they every now and again surpassed 200,000 every day.
As indicated by information from the market-following organization No Fungible, the complete month-to-month exchange volume likewise dropped to levels unheard of since June 2021, from a pinnacle of more than $4 billion to underneath $800 million.
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