In a recent auction, an NFT worth $2.9M only grabbed a $14000 offer which is very concerning.
NFTs are the latest internet trend. After cryptocurrencies, NFTs are now taking the internet world by storm. But recently, NFT sales are declining as people lose interest in them.
The Wall Street Journal recently published a report where they shared some really concerning yet interesting numbers regarding NFTs and their sales. According to that report, NFT sales are down by a whopping 92 percent. Yes, 92 PERCENT! (and the number continues to decline)
The report said that NFTs were making a daily average of 225,000 sales but recently, this number has dropped to 19,000 sales per day.
Why Are The Sales Down?
There is no doubt that NFTs have been popular for a while now. A lot of big names such as Neymar Jr, Gary V, and Jordan Belfort have been seen taking interest and buying these non-fungible assets. Although, there have been so many useless NFT projects that do nothing but harm the planet by their environmental impacts.
Other than that, a lot of renowned gaming studios such as Konami and Ubisoft are pushing towards in-game assets and NFTs. Recently, Square Enix Sold Off Three of Their Gaming Studios to Invest In Blockchain.
NFTs Are Losing Their Value
As the sales are down, NFTs already in the market are losing their value as well. As we mentioned above, a $2.9M worth of NFT just received a $14000 offer. Yes, we’re talking about the first ever Tweet that was sold for $2.9M.
There have been other reports regarding the search volume of the term NFT on the internet. The searches for the term NFT have also declined drastically.
Some NFT admirers are saying that this sudden decline is nothing but a fluctuation in the market. While some gaming studios are setting foot in the blockchain business and NFTs, others argue that NFTs have no future in gaming and entertainment. But who knows right? We will be here with you to find out.
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