NFTs: end of the NFT hype? NFT trading volume plummets in September 2022 | news

NFTs: end of the NFT hype?  NFT trading volume plummets in September 2022 |  news

• The NFT hype took place in different scenes

• NFT trading volume on OpenSea drops 93 percent between April and September

• Demand for digital land in the Metaverse drops 98 percent

The NFT hype

In recent years there has been a real hype around the world of NFTs. As BTC-ECHO explains, the markets for the digital collectibles have experienced exponential growth. The so-called non-fungible tokens (NFT) are digital art and collector’s items from a wide variety of areas, including sports, music, in-game items and spirits. One of the biggest names in the NFT universe is artist Beeple. He sold one of his digital artworks at a Christie’s auction for around $69.3 million. But various celebrities were also able to make a name for themselves in the NFT scene. For example, rapper Snoop Dogg, actor Anthony Hopkins or late-night star Jimmy Fallon, all of whom are NFT enthusiasts.

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OpenSea NFT trading volume plummets

In the meantime, however, the NFT hype seems to have died down. According to a graph by the Dune Analytics data platform, the monthly trading volume of NFTs on the OpenSea virtual marketplace has plummeted. While the monthly trading volume was still around five billion US dollars in April 2022, it was only around 347 million US dollars in September 2022. This means a decrease of about 93 percent. But even if the trading volume decreases, the number of wallets that own at least one NFT shows an increase. As Cointelegraph reports, the number of wallets holding NFTs has increased from 3.36 million in early January to 6.14 million now. However, the average NFT prices are also on a downtrend. While an NFT averaged around $2,000 in January this year, the average price is now just $285, according to Cointelegraph.

Digital land in the Metaverse isn’t in such high demand anymore

The demand for digital land in the Metaverse has also dropped significantly, as crypto analytics firm Delphi Deli explains via a Twitter post.

“Interest in the ‘Metaverse’ was fueled by a series of upbeat announcements in the fourth quarter of last year from the likes of @Meta, @Grayscale and @Citibank. Virtual land trading volume has fallen by as much as 98 percent after peaking in 2021 “, the tweet says. As t3n explains in addition, the prices for digital land in the Metaverse would also develop negatively. But despite the negative trends, many companies still see a great opportunity in the NFT sector due to increased investment opportunities, according to t3n.

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