Over the past 30 days, sales of non-fungible tokens (NFT) have decreased by about 20 times. According to data from analytical service Nonfungible.
On May 9, NFT's sales reached $ 176 million per day, and by June 15, the figure was reduced to $ 8.7 million.
“Every time any trend rises rapidly, there will be a relative decline, which means market stabilization,” explained Gauthier Zuppinger, Chief Operating Officer of Nonfungible.
The head of the S! NG NFT platform Jeff Osler linked the incident with the correction of the cryptocurrency market.
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Nadia Ivanova, chief operating officer of research company L'Atelier, noted that the market viewed the NFT for millions of dollars as speculative assets.
“These markets are unstable and could dry up. NFT has a long-term perspective. As augmented and virtual reality technology advances, people will spend more time and money virtually,” she added.
In April, the average NFT price is down 67% from its February peak, according to Nonfungible.
Earlier, the CEO of Psyops Capital called the correction in the NFT market a “quiet crash”. He said that due to the low liquidity of the market, sellers find it difficult to assess the mood of buyers, so the price of their asset may unexpectedly turn out to be several times less than the acquisition cost.
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Recall that the artist Beeple, who sold NFT for $ 69.3 million, called the market situation a bubble and compared it with the dot-com boom of the early 2000s.
Ethereum co-founder Vitalik Buterin saw the potential for non-fungible tokens to become a public good.