Have we really reached the peak of the NFT token boom?
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Answer Have we really reached the peak of the NFT token boom?
While many notable people continue to engage in the NFT arena, the week’s trading volume for NFT tokens has steadily declined since peaking last February, according to data compiled by the platform. “The Block”.
In other words, the madness and huge momentum that was circling the NFT is starting to wane.
On February 21, the weekly trading volume of non-fungible NFT tokens peaked at $196.4 million, knowing that $125.3 million (64%) came from the “NBA TopShot NFT” trading platform.
An introductory guide to the “NBA Top Shot” digital cards
Six weeks later, on March 28, NFT’s trading volume had fallen to $34.32 million.
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NBA TopShot deals still make up nearly half of NFT’s trading volume, but TopShot’s volume has fallen to $15.23 million, 12% of peak volume.
The number of NBA TopShot users fell 70% from March 21 to March 28, resulting in a similar 66% drop in total NFT transactions.
While the weekly volume of NFT and the volume of users and transactions are declining, it is still too early to tell if the boom has really peaked.
You can go back and check again a few weeks from now and monitor the situation to come up with the correct result, which we will provide you with in the Arab Bitcoin in the future.
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Read also:
ConsenSys launches NFT tokens platform
Project Enjin raises $18.9 million to launch the first dedicated NFT blockchain on Polkadot
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