The NFT takes center stage in 2021 as artists, influencers, celebrities and esports discover fan engagement tools that allow the public to monetize their success. NFT is unstoppable. As sales have fallen to their lowest level in a year. In the midst of a brutal bear market in 2022
The NFT trend, which started in early 2021, will maintain its heyday until May 2022, backed by a strong crypto ecosystem. However, the decline in Bitcoin (BTC) has had a negative impact on the entire crypto ecosystem.
The NFT ecosystem hit its worst record of the year in June 2022 due to the number of sales per day. It dropped to about 19,000 a day, with an estimated value of $13.8 million, a record figure for June 2021.
Last year, however, daily NFT sales that were close to what they are today were impressive. As nascent ecosystems are increasingly being used in different cases.
as evidenced byinformationAccording to nonfungible.com, the NFT ecosystem had the highest daily sales of 224,768 NFT on September 24, 2021, valued at $78.3 million. However, the largest sale in terms of dollar value occurred on May 1, 2022, when Sold 118,577 NFTs in one day for $780.4 million.
Some of the key factors negatively affecting NFT flows are falling Ether (ETH) prices, lack of secondary market demand, and high GAS fees. Thus, it fell almost 40% while losing more than 66% of its trading volume, as shown byinformationfrom NFTGo
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