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WSJ - NFT Sales Are Flatlining - Sales and Active Wallets Down 90% from highs

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CommodoreKong

CommodoreKong

Member
Oct 25, 2017
7,695
An interesting report came out from the Wall Street Journal the other day on the current state of the NFT market. Sales are flatlining and high priced NFTs are dropping in valve:

www.wsj.com

NFT Sales Are Flatlining

The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.
www.wsj.com www.wsj.com

Some choice quotes on the state of the market:

The NFT market is collapsing.


The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.


The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November. NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.
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Many NFT owners are finding their investments are worth significantly less than when they bought them.


An NFT of the first tweet from Twitter Inc. co-founder Jack Dorsey sold in March 2021 for $2.9 million to Sina Estavi, the chief executive of Malaysia-based blockchain company Bridge Oracle.


Earlier this year, Mr. Estavi put the NFT up for auction. He didn't receive any bids above $14,000, which he didn't accept.
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That lack of interest isn't unique. Interest in NFTs measured by the number of searches for the term peaked in January, according to Google Trends, and has fallen roughly 80% since then.


The imbalance between supply and demand is also hurting the NFT market. There are about five NFTs for every buyer, according to data from analytics firm Chainalysis. As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people, the firm said.
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Not sure if this thread is allowed since I know there's some kind of NFT ban but though it would be interesting for people to know how bad the current state of the NFT market that so many influencers and companies are currently trying to push.
 
Lobster Roll

Lobster Roll

signature-less, now and forever
Member
Sep 24, 2019
34,313
People losing their money in NFTs is always a welcome NFT thread. 90% isn't enough. Keep that number going up.
 
Stooge

Stooge

Member
Oct 29, 2017
11,136
I mean - it was a fad that was largely being supported by activity that would be illegal in any other "investment" that exists - not to mention that they are probably not actually purchasing anything. It was bound to happen. As soon as the line stopped going up this was the obvious end-game. The majority of people that got into NFTs were trying to find a get-rich quick scheme and they thought it was like buying Bitcoin 15 years ago.

I do find the ban really silly that we can't talk about the bad parts of these things where there is a thread in community of people basically giving each other investment advice (mostly warmed over "momentum/pattern" trading from daytrading in the early 2000s) and vauguebooking about coins they are minting.
 
Mass Effect

Mass Effect

One Winged Slayer
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Oct 31, 2017
16,754
donald-glover-good.gif
 
Tfritz

Tfritz

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Oct 25, 2017
13,254
lol
absolutely incredible that even after all the shitty celebrity marketing and superb owl ads everyone still saw through this obvious scam
 
Stooge

Stooge

Member
Oct 29, 2017
11,136
I will also say - I truly feel bad for people that got duped into this. Most likely the people who made the "gains" were the people creating these fraudulent investment schemes and the losers are the folks who came along thinking it was a sure thing.
 
Sain

Sain

Member
Nov 13, 2017
1,532
Good, though I do feel bad for the people who will be stuck holding the bag. Money can cloud a lot of people's judgement.
 
Pop-O-Matic

Pop-O-Matic

Avenger
Oct 25, 2017
12,861
Just wait for Square to use all that money they made selling Eidos to integrate NFTs with FFXIV. Then my apes will be worth more than ever!
 
zashga

zashga

Losing is fun
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Oct 28, 2017
4,192
Good, I hope everyone pushing NFTs loses their collective shirts. Such a nakedly useless, manipulative market deserves to collapse.
 
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