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.
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:
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.
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:
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.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
