- Trading volumes in NFTS –digital art and collectibles recorded on blockchains – has fallen 97% from a record high in January this year.
- On the world’s largest NFT marketplace OpenSea, trading volume has dropped to 99% in four months between May and August 2022 according to DappRadar, an analytics platform.
Scrolling through Twitter, you’d think that non-fungible tokens or NFTs are still doing a roaring trade but you’d be wrong.
Falling after the initial hype that followed their rise in popularity many NFTs are now worth fractions of what they were when purchased and are prompting many to question their long-term viability.
Trading volumes in NFTS –digital art and collectibles recorded on blockchains – has fallen 97% from a record high in January this year.
According to data from Dune Analytics, NFT trading volumes slid to just US$466 million in September from US$17 billion at the start of 2022.
On the world’s largest NFT marketplace OpenSea, trading volume has dropped to 99% in four months between May and August 2022 according to DappRadar, an analytics platform.
The fading NFT mania is part of a wider, US$2 trillion wipeout in the cryptocurrency sector as rapidly tightening monetary policy starves speculative assets of investment flows and a series of bankruptcies rocked markets.
An Interpol Red Notice has been issued for doomed algorithmic stablecoin TerraUSD creator Do Kwon and the managers of one of the industry’s most well-known hedge funds, Three Arrows Capital, remains at large.
