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Crypto’s NFTs sector starts collapsing

Crypto's NFTs sector starts collapsing 23

The trade volume of crypto NFTs plunged nearly 65%+ over the last couple of years and the situation is creating next-level fear among NFTs traders & holders. 

Non-fungible tokens (NFTs) is a very old concept but grabbed huge popularity in the crypto sector in late 2020. The popularity & activity of crypto traders in the NFTs sector was at peak in 2021 and at that time people were expecting that the crypto bear season will also fail to bring any big negative impact on this industry, as the trade price of NFTs doesn’t directly depend on upon the trade price of crypto assets. 

A report from DappRadar noted that NFTs trade volume plunged 67.57% over 2021. This situation is almost the same for every NFTs project & NFTs trade platform. 

Crypto analytic platform IntoTheBlock also noted that currently NFTs sector is in the winter phase and in the present situation weekly NFTs trade volume is the lowest, since June 2021. 

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Crypto's NFTs sector starts collapsing 20
Source: IntoTheBlock

This year the crypto sector’s total trade volume saw an increment by 48% but NFTs trade volume saw an increase of 11% only in the same period. This data finding is showing that the journey of the NFTs sector is going away from the crypto sector.

Crypto's NFTs sector starts collapsing 21
Source: IntoTheBlock

The top NFTs collections like Bored Ape Yacht Club (BAYC) and CryptoPunks by Yuga Labs also faced significant downfall over the past few weeks. 

The largest NFTs market cap NFTs collection of CryptoPunks also faced very big downfall and with time people are losing their interest.

Crypto's NFTs sector starts collapsing 22
Source: NFT Price Floor

Reportedly huge numbers of NFTs were trading at a 1 million dollar price but now failing to reach a 0.5 million price rate, as people are not interested & not optimistic about the NFTs holdings.

In the mid of 2021, many people predicted that the NFTs sector will bring the next bear phase in the crypto market but the actual game was different, as the crypto winter phase came because of the downfall of the centralized crypto exchanges.

Read also: Bank of America praises Ripple’s role in the payment industry

Crypto’s NFTs sector starts collapsing

 

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