Bitcoin (BTC) and Ether (ETH) hit all-time highs a fortnight ago, but the markets have since plunged. And it’s not just crypto-currencies that are in a sluggish mood: sales of non-fungible tokens (NFTs) have also fallen sharply. Is this significant?
NFT sales down sharply in recent weeks
As Nonfungible.com data shows, NFT sales peaked on November 15… But that was an exception. Overall the number of sales has tended to fall sharply, over the last month
Number of NFT sales for the past month (Source: Nonfungible.com)
In total, the number of NFT sales has fallen by almost 30% since the end of October. As of yesterday, the analytics site counted 861,633 sales, compared to 1.226 million sales on October 23.
If we look at the dollar amounts, the drop is less marked, but it is still observable
NFT sales growth in dollars (Source: Nonfungible.com)
Over the same period, the amounts in play are down by almost -17%. On OpenSea, the most important Ethereum (ETH) marketplace, we can see that monthly volumes have been trending downwards since the end of the summer. And the trend is also observable on the relatively new Solana NFT (SOL) exchanges.
A sector that remains attractive
It would be misleading, however, to say that the non-fungible token markets are in real trouble. The “big” projects continue to attract investor interest. At Cryptopunks, the numbers continue to be impressive, with several punks selling for over $2 million in the last 30 days.
There is also a growing interest in NFTs related to virtual worlds. Among the biggest sales of the week was a Decentraland plot, which sold for a whopping $2.4 million. The Bored Apes are also in the top three of the biggest sales of the last seven days.
This drop in sales over the month therefore seems to reflect the current gloomy mood in the cryptocurrency markets. For now, it does not seem indicative of a real disinterest in the NFT sector… Even if some have started to warn about a possible slowdown in the craze.
