Metaverse and Co: the NFT market is already shrinking

Is the hype around NFTs already over? The latest surveys indicate that interest is declining. Previously, several publishers announced their entry into the NFT sector.

NFTs and the Metaverse are the next big thing in the gaming industry, according to many industry players. Current surveys, however, paint a different picture. According to the study, sales of non-fungible tokens (NFTs) have fallen 92% since their peak last year.

Results are based on website data Not fungiblethose from the wall street journal (Going through VGC) have been compiled. NFT sales this week fell to a daily average of around 19,000 from September’s 225,000.

According to surveys, the number of active wallets in the NFT market has also decreased. After peaking at 119,000 in November, it fell 88% to around 14,000 last week.

Same direction on Google Trends

Similar shifts in interest can be seen in Internet trends. According to Google Trends, searches for the term “NFT” peaked in January and have since declined by 80%. Maybe every Google user now knows what NFTs are.

NFTs are unique, non-tradable units of data stored on a blockchain (a type of digital ledger) that allow users to own, buy and sell digital items such as game items or works of art .

After profit expectations initially sparked a bit of hype, early buyers got back to the realm of facts. As the WSJ reports, a number of NFT owners have found that their investments are worth less than the price they paid for the NFTs.

An NFT of Twitter co-founder Jack Dorsey’s first tweet, which was bought in March 2021 for $2.9 million by Sina Estavi, CEO of Malaysia-based blockchain company Bridge Oracle, received earlier this year no bid over $14,000.

What do you think of NFTs?

An NFT based on rapper Snoop Dog that sold for around $32,000 earlier in April is said to be pending at auction with an asking price of $25.5 million. However, the current highest bid is $210. Here it becomes clear that such content literally has no tangible value.

More news on the subject:

Nevertheless, several publishers like Square Enix and Ubisoft want to rely on NFTs in the coming years. Microsoft, in turn, is preparing for the Metaverse (a sort of parallel digital universe tied to the real world), with investments like its proposed acquisition of Activision Blizzard and its user base to help it achieve supremacy. But Meta, formerly Facebook, is also active at this point. NFTs are said to play a central role in the metaverse.

More news on NFT.

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