April 18, 2022
By Priyanka Shetty
NFTs are a type of digital asset that can not be replicated or duplicated. It could be a digital document of a picture, video or audio file, or textual content. NFT sales had a breakthrough year in 2021, and over the past 12 months, the volume has hit $23 billion. However, according to data from NonFungible.com, weekly NFT sales have been more than cut in half from their early January peak of nearly $1 billion.
The NFT world gross sales quantity had hit $4.6 billion in January. But it declined by nearly half to $2.4 billion by the tip of March. However, NFT House owners are trying their best even during this time to promote their digital gadgets.
Bored Ape Yacht Club (BAYC) and Cryptopunks have maintained their supreme status as the most popular NFTs to own. BAYC is a collection of 10,000 Bored Ape NFTs, a unique digital collectibles living on the Ethereum blockchain and Cryptopunks is a project that inspired the modern CryptoArt movement.
Even though sales are down, buyers are still paying out millions for the non-fungible tokens recorded on the blockchain. So, the market for digital assets may be slowing but it’s not going out.
Experts are of the opinion that this drop in sales is a result of individuals at the moment becoming conscious of what they’ll do with their NFTs or non-fungible tokens. In addition, NFTs purchased at excessive costs through market growth are struggling to resell and one such example is Jack Dorsey’s NFT of his first-ever Twitter post. The NFt was sold for $2.9 million but in the second auction no one bid more than $280 for it.
About the author
Based in Bengaluru, Priyanka Shetty is a freelance author for Blockchain Asset Review.