2022 may have started with the prices of most cryptocurrencies soaring, and sales of NFTs had also peaked in January.
However, the year did not turn out as many may have predicted, as the market for NFTs has almost collapsed, with sales of NFTs having dropped dramatically.
More specifically, according to information carried by the well-known news outlet Bloomberg, the total value of nonfungible tokens purchases and sales has plummeted, registering a 97% drop from the record high they set in January.
Specifically, from $17 billion in the first month of 2022, through September combined transactions were down to $466 million, according to Dune Analytics data.
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As it turns out, people have lost interest, and the “crash” of the crypto market in recent months, from which some $2 trillion has been written off, is partly to blame.
Below you can see a highly typical chart showing the plunge of the NFTs market, which has returned to the levels of July 2021, before the whole mania started.
Total NFTs purchases from January 2021 to date:
In case you don’t know, in brief, NFTs are digital objects based on blockchain technology. They are currently mainly used to purchase digital art, such as a painting, photo or video, which can be legally owned by someone with proof of ownership.
Of course, being essentially just digital files, they can be easily traded online, even though they have a confirmed owner.
