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Late 2021 and early 2022 saw the rise of NFTs; however, now it seems like the interest along with the sales in the technology is diminishing.
NFTs have become the reason for disputes between gamers and the finance sector as a whole over the past year. The gaming industry is standing at the crossroads with blockchain technology, considering the ban on sales of blockchain-based games on its storefront to game publishers such as Ubisoft and Square Enix showing interest in bringing NFTs to their games.
As per the latest reports, however, the NFT sales have experienced a sharp decline while the public interest is starting to fade.
As per the latest report by The Wall Street Journal, the earlier expanding NFT market is experiencing a period of decline as the daily average of the NFT sales has reached a mere 19,000 in the last week from 225,000 in September.
As of this writing, the sales rose to an average of 24,000; however, they still remain attaining their months-old six-digit peaks. Last week, active wallets in the NFT market dropped to 14,000 last week from 119,000 in November. Besides, the public interest in NFTs is also declining as the term “NFT,” which reached its peak of 100 in January, is now ranked at a ratio in the mid-20s, as per the google trends.
The hit in the market was definitely felt by the NFT holders. The first tweet of the former Twitter CEO Jack Dorsey was minted, and Sina Estavi, CEO of Bride Oracle, bought it for $2.9 million. However, when Estavi put it in the auction in April, it was unsuccessful in getting a bid higher than $14,000
Legendary rapper, Snoop Dogg’s NFT, was recently sold for $32,000 but, as of now, did not receive a bid higher than $210. Famous Crypto Enthusiast Tesla CEO Elon Musk too was seen mocking NFTs on Twitter.
NFTs also suffered a significant backlash in the gaming sectors as many argue that the play-to-earn monetization scheme put forward by Ubisoft and various blockchain game developers do not have space in the medium.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
