NFT sales plummet 92% as market ‘collapses’

[TaylorSwift 162,691]

Sales of non-fungible tokens (NFTs) have fallen 92 per cent since September, according to new data.

Analysis by the website NonFungible, first cited by the Wall Street Journal, found that NFT sales fell to a daily average of 19,000 this week, compared to 225,000 seven months ago.

Active wallets, which are used to store NFTs, also dropped by 88 per cent. The article concluded: “The NFT market is collapsing.”

Data from Google Trends also shows that online search interest in the technology – which allows assets like digital artwork to be traded and stored through online ledgers – has plummeted by 89 per cent since peaking in January 2022.

The apparent decline was seen during an auction of an NFT of Twitter co-founder Jack Dorsey’s first tweet last month.
After initially purchased for $2.9 million last year, the resale attracted a top bid of just $280 in April.

source

[Nathan 2,079]

Good, hopefully Crypto goes next

[Rat Boy 43,848]

2 minutes ago, Teletubby said:

The apparent decline was seen during an auction of an NFT of Twitter co-founder Jack Dorsey’s first tweet last month.
After initially purchased for $2.9 million last year, the resale attracted a top bid of just $280 in April.

source

Oh dear

[DelusionalGaga 29,717]

Oh no, who would have thought this was just a bubble  literally lasted less than beanie babies 

[Nemo 4,411]

I laughed and laughed

[LateToCult 41,977]

So you mean to tell me the Chromatica Ball Experience NFT that Ticketmaster promised me won’t get me $3.5 Million when I resell it? Inch resting. 

[Fanta 5,019]

Nature is healing!

[ItWasntLaauv 6,392]

Slay

[TheSlash 14,539]

Good. Put that atrocity into the garbage bin permanently 

[UWontUseMyMind 737]

I liked the technology behind NFTs but it was so exploited to make money with bunch of sh*tty art pieces. And we are not talking about the environmental damages NFTs caused 

[RudraCNG 15,510]

A second after Madonna joined 

Jokes aside, I'm glad. I'm done of how many stupid people there are joining one of the biggest scams I remember. Rich people obv only use it for money laundering.

[Levine 23,967]

Just yesterday my cousing told me how this was the future lmao 

[ryanxjensen 134]

Well, it’s over.jpg 
 

 

[Debithius 6,056]

Didn't the same happen during the dot-com crash though? Hopefully people will use the NFT technology for things that matters once they lose interest in selling random jpg's. But it's not that surprising that it plummets during a recession. Both NFTs and Cryptocurrencies are high risk high reward at the moment and Investors will pull out from their riskiest assets. However, although it might take some time to rebuild the idea of how and what to use NFTs for while also figuring out a green energy source, the tech won't die out.

Cryptocurrency is probably at the stage of what the internet was back in the 90s. The idea of cryptocurrency and actually the creation of the very first one was made in the 90s. As we fail to control our economy people will turn to alternate methods once it's polished and secure enough. Hopefully we'll see Bitcoin change to a proof of stake consensus in the future though. Just because BTC mining (proof of work) is energy intense doesn't mean that every cryptocurrency is, like proof of stake coins or proof of history coins. Proof of work coins like BTC are a minority but of course, the crypto sphere will get judged as a whole depending on what BTC does.

[OMF 3,673]

Madonna’s impact