In 2021, the crypto community was more interested in the non-fungible market than ever before. But in the year 2022, something changed. In 2021, NFTs grew at a very fast rate, but in the first five months of 2022, this growth has slowed and evened out. Here is a look at the NFT market’s report card at the end of the month to show how things are going right now.
Here are the numbers at the end of the month:
After the crash of the crypto market in 2022, investors are less interested in NFTs. Since last week, sales of non-fungible tokens have dropped by more than 54% as the crypto market has dropped. NonFungible.com says that the total amount of NFT sold last week was $25 million, which is 54.6 percent less than the week before.
In the same way, the number of NFT sales, the average value of NFT sales, and secondary sales all went down by 22.2%, 41.8%, and 56.7%, respectively.
“Trends” is another important way to look at this drop. In the last few days of May, the value of the word “non-fungible token” was 26. This was a 74% drop from January 2022, when “interest over time” reached a high of 100.
On the other hand, this death had a direct effect on each platform. Take OpenSea, which is the most popular NFT market in the world. It was worth more than $13 billion after a new investment round that brought in $300 million.
Aside from that, the numbers showed a mixed picture. Up until the end of January, when it reached its peak, the number of daily NFT trades on OpenSea went up. On the other hand, the number of trades has continued to go down since then. At the time this book was written, daily sales averaged $30 million.
The same picture was also made by other platforms. In the last few days of May, the total volume was $4 billion, which was 75 percent less than in January.
Even though it changed the incentives for its LOOKS tokens, LooksRare stayed competitive and processed more than $2 billion in sales from a lot fewer transactions. What’s interesting is that there was a lot of activity on LooksRare, with bad people selling NFTs back and forth to earn LOOKS tokens. Even though there were less transactions, $2 billion were made, which was half of what OpenSea made in sales at the same time.
Why is this such a big deal?
When you compare the latest numbers to the ones from March, you can see that nothing has changed except that the numbers are still going down.
Given how exciting it was, the later time period kept some positive storylines, but couldn’t keep up the “buzz.” The amount of daily trades on both NFT markets has dropped by a lot.
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