Global NFT Sales Downturn By 53% In Less Than a Year; Here’s Why

NFT sales have been flowing through ups and downs. As analysis says, many NFT surges happened, yet it also dipped to uncertainty. Recent reports claim that there is some decline in NFT with respect to the last seven months. 

According to recent data provided by Watcher Guru, NFT sales volume has plunged to 53% in the past seven months.

To note, last month, NFT sales also went down below $2.2 billion, as reported by CryptoSlam— an NFT data aggregator. However, the similar ‘downward’ situation happened in July 2021, where sales were at $1.2 billion.

Although the crypto market is now gradually accelerating, NFT sales have significantly decelerated, but there could be a progressive jump in future. That said, one of the core reasons for NFT decline is due to the high value surge of cryptocurrencies.

Yehuda Petscher of CryptoSlam finds that there is an inverse relation between crypto and NFT marketplace. He opined that this happens, as NFTs are denominated in crypto, and investors mostly buy NFTs when the crypto value is down.

In a talk with Forkast, Petscher said :

The buyers are still there — I think they’re just being a little more discerning with what they put their funds into. People are just kind of waiting and holding and seeing if the scene’s changing a little.

However, apart from seven-month analysis, NFT volume has met an upward trend since February 13.

Also, there was a massive NFT growth in January, where the sale on OpenSea exceeded the $5 billion record. Furthermore, the monthly report by DappRadar shows nearly $16 billion gain in NFT trade volume.

Another reason for the NFT dip is due to the Russia-Ukraine crisis. Like the global market of other commodities declined, NFT and other digital assets also went through the fluctuation.

While looking at the other side of NFTs, many artists, musicians, and even some organizations have created their own NFTs. Notably, these NFTs exhibited creative and unique values intended to hook the user’s attention.

To list out the recent trends,  Bored Ape Yacht Club NFTs, World of Women Galaxy, Kojo Marfo’s creative NFTs,  NFT museum in Ukraine, Dubai Police’s NFT collection, NFT-based games like Axie Infinity, Sandbox, Decentraland and several other NFT ventures kicked off the realm.

As of now, CloneX NFT stands at the top among the most rated NFTs based on sales volume. It has gained 635.92% with a price of $32.9 million. Following this, Azuki takes the lead with nearly $7 million, despite its 68.4% decline.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.