- 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