The Non-Fingible Tokens (NFTs) market has seen quite a downtrend since last year despite its earlier hype and rising demand. This incident confirms the high volatility, playing with digital assets’ value and their performance over time.
Earlier, the NFT marketplace was $617 Billion in market cap in its prime but has declined to $45 billion, indicating a disappointing situation for the popular pieces. These pieces were sold for millions of dollars at a time but now have lost almost half of their value. However, the last few days of stats have indicated a surge in the marketplace, presenting hope for recovery.
NFTs Trading Volume Surged Significantly
As per the CoinmarketCap stats, there has been an almost 2% surge in the Non-fungible Token market cap in the last 24 hours and a 3.7% surge over the week. The same is true with the Sales volume, which is currently at $12.2M with a 3.34% surge today. However, after analyzing the weekly stats, the number is much higher at $103.7 Million after a 35.67% increase. In this time, 381,157 sales were, which is worth considering after its constant earlier drops.
In this, many blockchains for NFTs saw a positive week. For example, Solana sales increased by 23.31%, Immutable increased by 12.31%, Arbitrum ones increased by 174.74%, and Avalanche had the highest sales by an 1157.43% surge. Moreover, on analyzing the week’s data, almost all the blockchains, seven out of the top ten, had positive growth, adding to the recovery point of the market.
Moreover, a significant surge in the number of buyers is also seen. Per the CryptoSlam stats, around 500,376 NFT buyers were present this week, which is 38% higher than the previous week’s record.
How Much Is The Worth of Previous Expensive NFTs Today?
Despite the rise in the NFTs market activity, the second quarter is still in the 45% decline. With a sales volume of $2.24b for these digital assets, this is the lowest performance since mid-July.
This overall decline is due to the declining popularity of these Non-Fungible Tokens among investors. Even popular pieces like the Bored Ape, Crypto Punks, and many others have seen significant drops in their values.
One significant piece, Bore Ape #8817, which was sold for $3.4M at the time, is now worth only $665,000 per CoinmarketCap. Similarly, EtherRock #93, a part of the Pet Rocks collection, was sold for $1.8 Million in its prime. But today, it is down by $1 Million or even more.
Where the NFT market is struggling, the crypto market is also not at its finest. However, with shallow bulls, few have managed to bag heavy gains. For example, this one crypto trader made 12x profits with the TON ecosystem with shifting trends.
Final Thoughts
Non-Fungible Tokens had a rough patch since the beginning of the year. However, a slight possibility of recovery is feasible based on the new sales in the market. The overall NFT marketplace has had a 4% surge in the last seven days. However, compared to its prime days, it is at a serious loss. Moreover, the pieces that were worth millions at a time are now sold for a mere thousand, indicating a dying trend for this category.
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