NFT 2022 Q3 sales plummeted by 60% compared to Q2

According to data from blockchain tracker DappRadar, sales of NFTs (non-fungible tokens) fell sharply in the third quarter of 2022, as cryptocurrency investors saw a “crypto winter”, Reuters reported. “It came, and demand for the highly speculative Crypto asset showed little sign of recovery.

An NFT is a blockchain-based asset that represents Crypto items, such as pictures, videos, or items in online games. They’ve exploded in popularity in 2021 as cryptocurrency-rich speculators rush to cash in on rising prices, but sales have slumped in recent months.

According to DappRadar, NFT sales in the third quarter of 2022 were US$3.4 billion (about 24.14 billion yuan), down from US$8.4 billion (about 59.64 billion yuan) in the previous quarter and 125 million at the peak of the market in the first quarter of this year. billion US dollars (about 88.75 billion yuan).

Sales in OpenSea, the largest NFT marketplace, fell for the fifth straight month in September.

The number of weekly NFT buyers has more than halved from its late-January peak, according to market tracker NonFungible.com.

While the traditional art market has been quick to embrace the craze, sales figures have dried up, with Christie’s, Sotheby’s, Phillips and Bonhams selling a combined £8.4 million in NFTs so far this year, according to Art Market Research. 10,000 yuan), down from 127 million pounds (about 1.017 billion yuan) in the same period last year.

Source: IT House

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