NFT Art Sales Decline 98% In April 2023
For the past few years, the NFT art market has been a roller coaster ride. The market, however, has cooled. According to BanklessTimes.com, NFT art sales peaked at $881 million in September 2021. However, by April 2023, it had dropped by 98% to around $15B. This drop has sparked concerns about the NFT market’s long-term viability.
One possible explanation for this drop is because investors are hesitant of investing in NFTs due to their severe volatility and lack of regulation. Furthermore, as more individuals become aware of the hazards associated with investing in NFTs, potential purchasers and investors may lose interest.
Furthermore, the novelty of NFTs has faded. This could be due to a lack of new content or because people have become more familiar with how they work and no longer find them as fascinating.
(With inputs from Shikha Singh)
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