NFT Industry Shows Downward Trend

NFT trading volume has been down since January
 NFT Industry Shows Downward Trend
READING NOW NFT Industry Shows Downward Trend

NFT trading volume has been down since January. While DappRadar thinks it’s just a unifying move, many NFT investors don’t.

The NFT industry, which rose rapidly last year, is now on a downward trend

In 2021, the most expensive NFT was sold for $69.3 million. By 2022, the NFT industry is showing signs of decline as OpenSea’s sales volume drops to $2.5 billion.

However, the number of people purchasing NFT collections has dropped to 635,000 last month, priced at an average of $427.

NFT investor Pablo Rodriguez-Fraile told Reuters the following statements were included;

“Obviously, the enthusiasm and interest we had last year is no longer there. I think we have accomplished something that is not sustainable.”

On the other hand, Modesta Masoit, DappRadar’s director of finance and analytics, thinks the market is in a consolidation phase rather than a decline. He thinks that Russia’s invasion of Ukraine may cause investors to act cautiously.

The average price of Art Blocks NFT, a computer-generated NFT collectible, was $15,000 in September last year. But prices dropped to around $4,200 in March this year.

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