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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