Non-Fungible Tokens, or NFTs, have proven to be a prevalent trend over the past few months. As is often the case, sustaining growth is difficult in any industry. Most metrics for NFTs are on the decline lately, according to statistics by NonFugible.
NFTs Note Sales Decline
One of the more telling statistics is figuring out whether or not people are still buying NFTs. As the trend chart indicates, there is a renewed interest where overall sales volume is concerned. With 21,409 sales in the past seven days, it is safe to assume the NFT industry is in a good place. However, returning to the level of 24,000 sales and more may prove to be a lot more challenging.
Despite this recent dip in the number of sales, the overall uptrend is still in place. In addition, numerous projects continue to hit the market every month, which should help generate a higher sales volume over time. Whether that will be the case is a different matter, however. Not all projects have NFTs worth buying, particularly if prices skyrocket within the first week or so.
Another contributing factor is the growth in primary sales. As NFTs can be bought directly from the creator or resold to other interested parties via secondary markets, it is crucial to note growth across the board. For primary sales, there is an apparent growth curve, which is promising. Secondary sales, however, are plummeting very quickly, indicating the demand for Non-Fungible Tokens outside of theoretical value may be waning.
Sales USD Values Drop As Do The Unique Sellers
Other metrics about NFTs do not look too promising for now. The number of unique sellers, for example, has been on a steady decline. A near 25% dropoff has been recorded since late May 2021, and it appears this downward slope will not stop just yet. A bit of a worrisome trend considering how Non-Fungible Tokens empower users and creators globally.
For the sales figures in US Dollar value, things look even bleaker. The primary and secondary sales USD volume continues to decline, which is not entirely surprising at this time. As secondary sales decrease, so will the USD volume generated by these actions. For primary sales, however, it would appear that exorbitant amounts become far less common. That is a good thing, as there is no real reason to pay $50,000 or more for most of these creations.
Another worrisome statistic is the decline in active market wallets. Given the amount of NFTs on the market and the various marketplaces to buy, sell, and trade, a decline in active market wallets seems unconventional. However, this may be a temporary dip, as this metric tends to fluctuate regularly. Still, it is something worth keeping tabs on.
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