According to a recent study, non-fungible token (NFT) sales have increased 90% since the market’s record sales on May 3. Market data shows over 130,000 NFT sales that day and 30 days later, sales are down to a touch of over 84,000, down more than 35% last month.
Protos.com study claims “NFT bubble has burst”
Non-fungible tokens (NFTs) were on everyone’s lips in 2021 and sales continue to this day. However, a recent study published by protos.com shows that NFT sales have declined and NFT sales values have plummeted as well. The report shows that NFTs sold $ 102 million last month on May 3, and the latest seven-day data shows only “$ 19.4 million in NFT sales in the processed last week ”.
The protos.com study shows the NFT ecosystem is 90% down from the May 3 high and few projects continue to sell.
Currently, projects like Cryptopunks and Hashmasks have been able to prop up sales, and nonfungible.com’s market stats reflect that fact. 30-day statistics from nonfungible.com show 84,645 sales valued at $ 134 million. Over 52,000 were primary sales and more than 32,000 were secondary sales.
The study also shows that the number of active NFT wallets has dropped from 12,000 per day to 3,900, a loss of nearly 70%. Other top NFT sales came from Sorare, Meebits, Decentraland, Superrare, and the Sandbox.
A meebit NFT sold for $ 2.6 million last month, while a single cryptopunk sold for $ 1.4 million. Four more meebit NFTs below the recent Cryptopunk NFT sale, each selling for $ 1 million.
In the past seven days, Cryptopunks made more than $ 4.8 million in 79 individual sales. Meanwhile, Sorare’s data is different, with weekly sales of $ 2.4 million but over 10,000 sales. The statistics from the protos.com study give the publication the opinion that the NFT bubble has burst, and the report’s author concludes by highlighting this subjective assessment.
“All in all, the data indicate that the NFT bubble only lasted four months – and it burst around that time in May,” the protos.com researcher writes.
What do you think of the NFT study and protos.com that say the NFT bubble has burst? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Nonfungible.com
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