Metaverse and Co: The NFT market is already shrinking

Is the hype surrounding NFTs already over? The latest polls indicate that interest is waning. Previously, several publishers had announced their entry into the NFT business.

NFTs and the Metaverse are the next big thing in the video game industry, according to many in the industry. Current polls, however, paint a different picture. According to the study, sales of non-fungible tokens (NFTs) have fallen by 92% from last year’s peak.

The results are based on website data Not fungiblethose from Wall Street newspaper (through VGC) have been compiled. NFT sales this week dropped to a daily average of around 19,000 from 225,000 in September.

According to surveys, the number of active wallets on 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 fallen by 80% since then. Maybe every Google user now knows what NFTs are.

NFTs are unique, non-exchangeable 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 artwork.

After profit expectations initially sparked a little hype, early buyers returned based on facts. As the WSJ reports, many NFT owners have found that their investments are worth less than the price they paid for NFTs.

An NFT of the first tweet from Twitter co-founder Jack Dorsey, 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 bids exceeding $ 14,000.

What do you think of NFTs?

An NFT based on rapper Snoop Dog that sold for around $ 32,000 in early April reportedly remained 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.

Other news on the topic:

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

More news on NFT.

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