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    NFT Sales Down 92%, Is This The End?

    By AdeleMay 5, 2022Updated:May 7, 20222 Mins Read

    This week, The Wall Street Journal claimed that NFT sales went down by 92%. Of course, the news instantly caught on, raising concern in the NFT community. Luckily, though, the market is in fact thriving, as the latest reports show.

    metaverse photo of a city
    The NFT sales allegedly collapsed by 92%, but the most recent data proves the opposite.

    Which data suggests the NFT sales went down?

    During the past few days, the NFT market was shaken by some terrifying news. Allegedly, NFTs went down by 92% and they might even vanish soon.

    Although the statement is false, there are indeed some areas where NFTs went down. For example, Google Trends Search reported a huge decrease in searches for the word “NFT” globally:

    image of the NFT sales that went down in google trends search too
    Data from Google Trends Searches revealed fewer searches for the word “NFT” recently. Credits: Google Trends

    Furthermore, the popular publication points at certain NFTs that lost most of their value. For example, Jack Dorsey’s first tweet minted as an NFT sold for $2.9 million in March. Later, its value decreased to the point it sold for just $14,000.

    In recent months, the NFT community has been investing more in blue-chip collectibles such as the Bored Ape Yacht Club. Credits: BAYC

    Is this truly the end of NFTs?

    In short, the answer is “no.” In fact, a quick look at the recent OpenSea volume proves the opposite. On May 1st, the NFT marketplace surpassed $480M in trading sales volume!

    This information alone speaks for the NFT niche evolution:

    image of a OpenSea daily trading NFT volume in 2022
    The daily trading volume on OpenSea, the biggest NFT marketplace, has reached an all-time high. Credits: Nansen

    Last week, the number of active digital wallets also reached an all-time high. To illustrate, analysis platforms reported more than 350,000 active wallets in a single week.

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    Adele

      Adele Ioana is a writer with a deep interest in digital visual arts. Between covering two news stories, she enjoys drawing portraits and studying photo manipulation.

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