The NFTs market has almost collapsed – Dramatic drop in sales   

Relative to the January peak

2022 may have started with the prices of most cryptocurrencies soaring, while sales of NFTs had also peaked in January. However, the year did not turn out as many might have predicted, as the NFTs market has almost collapsed , with their sales dropping dramatically .

In more detail, according to the information carried by the well-known media outlet Bloomberg , the total value of nonfungible tokens sales sank, registering a drop of 97% from the record set in January. Specifically, from $17 billion in the first month of 2022, through September combined transactions were limited to $466 million, according to Dune Analytics data.

Apparently, the world has lost interest and this is partly responsible for the “crash” of the crypto market in recent months, from which about 2 trillion dollars have been deleted. Below you can see a very characteristic chart showing the plunge of the NFTs market, which has returned to the levels of July 2021, before the whole frenzy started.

Total NFTs trades since January 2021 to date:

In case you don’t know, in short, NFTs are digital objects based on blockchain technology. They are currently mainly used to buy digital art, such as a painting, photo or video, that someone can legally own with proof of ownership.

Of course, being essentially just digital files, they can be easily trafficked online, even though they have a confirmed owner.