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Came and Went: The NFT Fad Appears to be Slowing Down

Posted May 04, 2022

Ray Blanco

By Ray Blanco

Came and Went: The NFT Fad Appears to be Slowing Down

Recent data shows that the lightning-in-a-bottle NFT (non-fungible token) market is shrinking by a significant amount…

Since its inception, the NFT market has seen huge dollar amount sales, tons of social media buzz, and more. However, it’s also been rife with criticism, fraud, and turbulence. 

For those that don’t know, an NFT is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger. These tokens can be sold and traded. Many different types of NFT data units may be associated with digital assets such as photos, videos, and audio.

Referencing numbers from the data website Nonfungible, the sale of NFTs has fallen drastically to a daily average of about 19,000 this week. That’s a 92% decline from the peak of about 225,000 back in September. 

General interest in NFTs has also been decreasing. When you look at the number of searches for the term, you can see that they peaked in January and have since then fallen roughly 80%. This is according to data from Google Trends. 

So not only is the trading and search volume of NFTs down, but previous NFT buyers are finding that their investments are attracting much lower offers than what they originally paid. 

For example, an NFT-minted image of Twitter co-founder Jack Dorsey’s first tweet was sold last March for $2.9 million. Although that’s a huge amount of money to shell out for an image, the return on investment is less than ideal.

Earlier this year, the owner of said NFT put it up for auction. Since listing it, he hasn’t received any bids above $14,000…

And while that wasn’t the NFT owner’s ideal outcome, he says he doesn’t think the market is deteriorating but instead is simply going through normal fluctuations that you see with other crypto-related assets. 

There is certainly some merit to this, the NFT market is still in its infancy. This makes it very difficult to tell where things will go in the future as the technology around the crypto space continues to go through development. 

To a bright future,

Ray Blanco

Ray Blanco
Chief Technology Expert, Technology Profits Daily
AskRay@StPaulResearch.com

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