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NFT Market in Decline With 60% Drop In Daily Sales

Published 06/07/2021, 11:30 AM
Updated 06/07/2021, 12:00 PM
© Reuters.  NFT Market in Decline With 60% Drop In Daily Sales

  • The excitement around NFTs has calmed down a bit, citing a major fall in interest.
  • Active NFT wallets dropped by a whopping 40% and daily sales fell by 60%.
  • Reasons for the decline could be the crypto market crash and loss of novelty.

Feels like all the energy surrounding Non-fungible tokens (NFT) since earlier this year has calmed down a bit. In fact, many market metrics are indicating a major fall in interest.

Recently, the NFT market faced a dramatic drop in activity since May. Most notably, the number of active NFT wallets dropped by a whopping 40% and daily sales fell by 60%, as per NonFungible. This doesn’t sound like great news for the digital asset.

Although extremely popular recently, NFTs’ downfall seems to be brought on by two things; the crypto market decline and a loss of novelty.

Activity for NFT trade peaked in April an...

This article was first published on coinquora.com

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