In 2021, the non-fungible token (NFT) ecosystem has grown massively and data shows during the last month, there have been 98,832 NFT sales across over 32,000 active wallets. Monthly statistics show $272 million in recorded NFT sales have taken place but a recent report shows the NFT market is starting to “cool off” as NFT volumes have dropped. Although, another study suggests the NFT market could double in size by the fall.
Report Notes a ‘Cool Off’ Period in NFT Markets
NFT’s have become a huge success in 2021 and the market continues to show people are buying non-fungible token collectibles. Data from nonfungible.com’s market history shows out of more than 15,000 sales over $15 million worth of NFTs have been sold during the last seven days. This year has shown that nearly everybody is attempting to leverage NFTs in order to raise funds and the NFT trend has spread to world-renowned artists and celebrities.
However, a recent report from Sophie Kiderlin, a Markets Insider contributor, notes that the NFT market is “starting to cool off, as both prices and volumes fall.” Kiderlin highlights that after the notorious Beeple sale for $69 million, markets have seen a steep decline. “Sale volumes for art NFTs declined by almost 42%, making this the sector with the biggest losses. In the same timeframe, prices dropped by 40.5%. This translates to a sales value drop from over $71 million to $41.5 million as of today,” the report details.
Invezz NFT Study Disagrees With the Cooling-off Sentiment, Says ‘No Sign of the Bubble Bursting,’ and ‘Market Set to Double by October’
Kiderlin’s editorial further says that the only sector in the NFT space that has been doing well is “virtual plots of land and digital real estate” within the metaverse. The Markets Insider contributor’s data might be short-sighted, according to a recent report written by Invezz Newsdesk on Thursday.
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