Can any of us remember what was going in 2022 that caused people to think it made sense to pay millions of dollars for an NFT? Because it appears a lot of people have changed their minds, with NFT sales down 83 percent in the past year, according to an analysis from Casinos En Ligne.
According to the analysis, based on data compiled from Non Fungible, the volume of NFT sales has dropped 83% year-over-year from January 2022 to January 2023. The NFT space surged to an all-time high in January 2022 with monthly sales reaching $2.8 billion but that number has since dropped to a mere $492 million in January 2023, a decline of 83%.
NFT projects including art, collectibles, and games have been affected by the decline in sales:
NFT art sales have been steadily dropping over the past year. The number of art NFT sales has halved in a year, dropping from 36,000 sales in January 2022 to a mere 18,000 in January 2023. Sales volume has also been on the decline. According to the data, the volume of NFT art sales has dropped a whopping 87% year-over-year. That steep decline, however, is from very high peak sales a year ago. More that $400 million worth of NFTs were sold in the past 30 days.
NFT Games are still popular, however, the market was among the sectors that was most severely affected by the drop in value of cryptocurrency. With Bitcoin now selling under $17,000, NFT game sales revenue has dropped 90 percent compared to last year.
The NFT games sales had been steadily increasing in 2021 but the market has fallen by $326 million YoY. In addition, the number of NFT game sales has decreased by 87%.
It’s long been said that what goes up must come down, but in this case what has gone down has a very steep climb to go up again. If you missed out on the NFT boom, at least congratulate yourself on missing on the great NFT bust.
Peter Page is the Contributions Editor at Grit Daily. Formerly at Entrepreneur.com, he began his journalism career as a newspaper reporter long before print journalism had even heard of the internet, much less realized it would demolish the industry. The years he worked a police reporter are a big influence on his world view to this day. Page has some degree of expertise in environmental policy, the energy economy, ecosystem dynamics, the anthropology of urban gangs, the workings of civil and criminal courts, politics, the machinations of government, and the art of crystallizing thought in writing.
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