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Bloomberg reports a significant downturn in the Non-Fungible Token (NFT) market. Daniel Maegaard, known as Seedphrase, reduces his holdings amid dwindling trading volumes and investor interest.
Data from DappRadar, as cited in the Bloomberg report, reveals that monthly trading volumes for NFTs have decreased by 81% between January 2022 and July 2023. In parallel, monthly sales figures have also declined by 61%. Notably, floor prices for renowned NFTs such as Bored Ape Yacht Club and CryptoPunks have reached their lowest level in over two years.
Lorenzo Melendez, president of the NFT project Pudgy Penguins, told Bloomberg that the market sentiment across the board is negative. Investors and sellers are struggling to find long-term value in these digital assets.
While the broader cryptocurrency market has shown signs of stabilization this year, NFTs have faced significant struggles. Recur, an NFT marketplace, is winding down its operations due to "unforeseen challenges," and Nifty's, another platform, is also shutting down. Moreover, Blur, a leading NFT marketplace, has witnessed a drastic 96% decline in Ether-measured sales volume between late June and early August.
Digital artists are also experiencing challenges in this market. OpenSea, a major NFT marketplace, recently made royalties on secondary sales optional, causing creators' concerns. Regulatory fears have also intensified, as the U.S. Securities and Exchange Commission has taken its first enforcement action against NFTs.
Despite the overall downturn, Bloomberg highlights that some segments of the NFT market are still retaining their value. High-end artwork from renowned creators and low-value NFTs used in games continue to garner demand. Nevertheless, the prevailing sentiment in the market remains grim, with Melendez stating, "I think we have one very tough bottoming out left to go."
Bloomberg's analysis attributes the decline in the NFT market to various factors, including a shift from a collector-driven to a trader-driven market and a slump in the price of Blur's native token, which has declined by 32% in the last 30 days. Notably, auction houses and projects now refer to NFTs as "digital art" or "digital collectibles," indicating a changing industry landscape.
Photo: Choong Deng Xiang/Unsplash
