NFT sales down 40% last week amid overall market downturn
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Answer NFT sales down 40% last week amid overall market downturn
The recent craze surrounding non-fungible digital tokens (NFTs) appears to have begun to subside as sales revenue nearly halved in just one week. Banos today.
#PAData The #NFT Fever vanishes like #NFTs Sales revenue in the past seven days fell 42.43% to nearly $45.26 million on April 21 from $79.62 million on April 14, according to Tweet embedwhich is also down by 12.48% compared to March 23rd. 👉 pic.twitter.com/uOOuNaFvi3
– PANews (@PANewsOfficial) April 21, 2021
Non-fungible NFT tokens train:
NFT is a special type of non-fungible digital token that has been taking over the world for the past couple of months.
Read:Binance CEO’s opinion on the state of the cryptocurrency market in China
Unlike common cryptocurrencies, each NFT is unique and rare, a trait that is highly valued by coin collectors.
An NFT can contain all kinds of digital data such as artwork, music, photos, videos, etc., or even combinations of them.
According to the report, daily revenue from NFT sales fell 42.43% over the past week, from $79.62 million on April 14 to $45.26 million on April 21.
This suggests that collectors are less willing to pay thousands or even millions of dollars for the digital title certificates that NFTs represent.
Notably, sales of NFTs in secondary markets, which are places where people primarily resell digital tokens purchased from the original creators, also saw a drop in sales.
What do the scales show?
Over the past week, the total number of NFT sales in secondary markets decreased by 24.63%, to about 25,400 sales.
Similarly, the number of active market portfolios has decreased to nearly 12,000, which means that 42.43% of active participants in the NFT market have stopped trading.
Meanwhile, the number of NFT sales and active portfolios decreased by 41.2% and 38.37%, respectively, in the last 30 days.
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