The irreplaceable token wing of the crypto space has shrunk far more rapidly than the broader market over the past month, following the sale NFT It sank 90% since reaching its peak in early May.
data An NFT provided by Protos paints a picture of the market in the midst of an explosion, as sales across all categories continue to drop sharply.
After selling $102 million worth of NFTs in a single day on May 3, only $19 million worth of NFTs were sold in the past week. Over $170 million worth of NFTs were sold in seven days on either side of the market top, which is equivalent to a nearly 90% drop since then.
The number of NFT wallets showing any signs of activity on a daily basis has also dropped by 70% after falling from 12,000 to 3,900 since the beginning of May. The full range of token categories spanning Gaming, DeFi, Collectibles, Art, Utility, Metaverse and Sports recorded a decline in NFT sales and wallet movement.
During the peak of the market crypto collectibles were the most purchased NFTs, and remain so today, having dropped only 66% in the past month. The second most popular NFT category belongs to the sports token, which showed the most resilience during the market downturn, with active wallets down only 55% since the beginning of May.
current data irreplaceable.com Collectible (CryptoPunks) and sports (Sorare) tokens show the highest volume processed over the past seven days, accounting for about 40% of the total NFT volume.
Analysts at Protos quickly concluded that the NFT bubble has already burst. “All things considered, the data shows that the NFT bubble lasted just four months – and it came about around this time in May,” he wrote.
NFTs provoked equal parts hype and confusion when they emerged as the crypto space’s latest fad earlier this year, following in the footsteps of the token movement (see dentacoin), ICO phase, and decentralized finance and produce farming. Depending on one’s capacity for optimism, NFTs are (or were) either the newest technological invention to emerge from the blockchain field, or, a complete whipping on the crypto space Which provides low value and a lot of noise.
In this case, wherever anyone stands, the noise stops.