Since the peak of the market, NFT sales have fallen by 90%

In the past month or so, irreplaceable tokens in the cryptocurrency field have declined even faster than the broader market. NFT Since reaching its peak in early May, the stock price has fallen by 90%.

data The graph provided by Protos depicts the NFT market in a state of implosion, as sales in all categories continue to decline rapidly.

After selling $102 million worth of NFTs in one day on May 3, only $19 million worth of NFTs were sold in the past week. In the 7-day window on either side of the top of the market, NFTs worth more than $170 million were sold, which is equivalent to a decline of nearly 90% since then.

Since the beginning of May, the number of NFT wallets showing any signs of activity each day has also fallen by 70%, from 12,000 to 3,900. NFT sales and wallet movements have declined across the entire token category, including games, decentralized finance, collectibles, art, utilities, metaverse, and sports.

During the peak of the market, crypto collectibles were the most purchased NFT—and it still is today—with only a 66% decline in the past month. The second most popular category of NFTs is related to sports tokens, which showed the greatest resilience during market downturns, with active wallets only dropping by 55% since the beginning of May.

Current data NonFungible.com Shows that collectibles (CryptoPunks) and sports (Sorare) tokens have processed the most transactions in the past 7 days, accounting for nearly 40% of the total NFT transaction volume.

Protos analysts quickly concluded that the NFT bubble had burst. They wrote: “Taking into account all factors, the data shows that the NFT bubble lasted only four months-it burst suddenly at this time in May.”

Earlier this year, NFT followed in the footsteps of the tokenization movement and became the latest craze in the crypto field, causing the same level of hype and confusion (see Tooth coin), ICO stage, and DeFi and yield agriculture.According to one’s optimistic ability, NFT is either (or was) the hottest new technology invention in the blockchain field, or it is absolute Scourge In the encrypted space, The value it provides is small, but the noise is loud.

Regardless of people’s position on this matter, the noise seems to be fading.