According to a recent study, the sale of non-fungible tokens (NFTs) has dropped by 90% since the market record sale on May 3. Market data shows that there were over 130,000 NFT sales on that day and sales exceeded 84,000 after 30 days. , fell more than 35% last month.
Protos.com study claims ‘NFT bubble has burst’
Non-fungible tokens (NFTs) have been all the rage in 2021 and sales continue to this day. However, recently Study Published by protos.com it shows that NFT sales are falling and NFT selling prices are also falling. The report shows that $102 million in NFTs were sold last month on May 3, and the latest seven-day data shows that “$19.4 million in NFT sales were processed in the past week.”
A Protos.com study shows that the NFT ecosystem has seen a 90% drop from its May 3 highs with only a few projects continuing to sell.
Currently, projects such as Cryptopunks and HashMask are able to maintain sales and market data. irreplaceable.com reflect this fact. Nonfungible.com’s 30-day data showed sales of $84,645 were $134 million. There were over 52,000 primary sales and over 32,000 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 around 70%. Other top NFT sales came from Sorare, Meebits, Decentraland, SuperRare and Sandbox.
One Meebit NFT sold for $2.6 million last month while one Cryptopunk sold for $1.4 million. The bottom of the recent Cryptopunk NFT sale was four other MeBit NFTs, each for $1 million.
In the past seven days, Cryptopunks have generated over $4.8 million in 79 unique sales. Meanwhile, Sorare Data is different, with $2.4 million in weekly sales but over 10,000 in sales. The protos.com study statistics give the publication the opinion that the NFT bubble has popped and the report’s authors conclude by highlighting this subjective assessment.
The researchers at protos.com write, “All things considered, the data shows that the NFT bubble lasted just four months – and it arrived at about this time in May.”
What do you think about the NFT study and protos.com saying the NFT bubble has burst? Let us know what you think about this topic in the comment section below.
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