According to media reports, such as The Wall Street Journal, the NFT market an area or arena, online or offline, in which commercial dealings are conducted. is stagnating.
“NFT sales are stagnating Is this the beginning of the end for NFTs?” headlined a few days ago the economic mediaThe Wall Street Journal, referring that the sale of tokens no fungibles, NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. The market, starting in May, had a 92% decrease compared to the September 2021 market. That taking data from the data website NonFungible.
Other reports, such as the data provided by Colin Wu, a crypto reporter who tweets as Wu Blockchain, support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. this fall:
According to NFTgo, the trading volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of Yuga Labs series NFTs non-fungible token, a unique non-interchangeable piece of digital content that is stored on a distributed ledger (blockchain). has decreased significantly in the last 24 hours. The trading volume of Otherdeed MAYC BAYC fell by 44%, 41% and 30% respectively, the minimum price of BAYC fell below 100ETH.
According to NFTgo, the transaction volume of Yuga Labs series NFTs has dropped significantly in the past 24 hours. Otherdeed MAYC BAYC trading volume dropped by 44%, 41% and 30% respectively, BAYC floor price fell below 100ETH. https://t.co/DcsF79cepl
— Wu Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. (@WuBlockchain) May 9, 2022
The downward trading trend of the NFT indicates that the market is entering a slow phase, according to several media outlets such asEthereumWorldwho say that the overall market for NFT appears to be entering a cooling phase, as trading volumes for major projects show a general downward trend.
Refers data from the market tracker d e NFT NFTGo, according to which the NFT de MAYC have dropped by 30 %, while NFT projects of BAYC yOtherdeed han informado una disminución notable de casi el 25 % y el 50 %.
According to these reports, indicate the media that over the past 24 hours (the weekend, specifically) have reported sluggish activity in the NFT market where daily NFT trading volume has dropped 31% to USD $113 million. In addition to this, major NFT projects have reported downward statistics, including bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” tokens. Azuki and Okay, down 24% and 60% respectively.
EthereumWorld compared the top ten collections shown in CryptoSlam and only three projects were gaining greater momentum in terms of trade, including CyberBrokers y Doodles, which increased by 1055% and 7% despite the decline in public interest.
Why do they fall?
According to the media, declining user interest may be one of the reasons why sales in the NFT market are falling. Other reasons may have to do with many users complaining that they can’t find potential buyers to purchase their NFT at its original price.
In fact, Wall Street Journal noted that NFT sales in 2022 plummeted precisely because of factors such as lack of interest and the imbalance between demand and supply.
However, the numbers seen over the weekend appear to have changed a bit a bit is a basic unit of information in computing. this Monday, with the Bored Ape y Noodles blunting, according to the graphs of NFTgo.
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