[Taklimakan Blog] NFT Sales Fell 90% in a Month
The non-financial token sector in the crypto space has shrunk even faster than the market as a whole over the past month, Cointelegraph reports. NFT sales have dropped 90% since their peak in early May. The sharp decline in NFT sales and wallet activity has led some people to announce the death of the non-financial token space.
The data provided by Protos paints a picture of the NFT market in the midst of a collapse, as sales across all categories continue to decline rapidly.
After the $102 million NFT sold in one day on May 3, only $19 million has been sold in the last week. More than $170 million worth of NFTs were sold a week before and a week after the market top. The decline has since been nearly 90%.
The number of NFT wallets showing any signs of activity on a daily basis has also declined 70% since early May after falling from 12,000 to 3,900. NFT sales and wallet movements have declined across the full range of token categories including games, decentralized finance, collectibles. art, utilities, metauniverses, and sports.