After signaling a market recovery, the Non-fungible Token (NFT) niche may have entered another season of decline. Data from CryptoSlam suggests that a downward trend took the volume of NFT sales from $102.8 million the previous week to $94.7 million.
The current value represents a 4.7% fall from the previous value. The recent dip in digital collectible sales is likely due to the broader cryptocurrency market plunge.
Notably, the global financial market has been rattled by the ongoing tariff among the most advanced economies in the world. While there’s a 90-day pause in US tariffs for 75 countries, the concerns around China still lingers.
Interestingly, this drop extends past sales volume to the number of NFT buyers, who fell by 77.9% to 128,244. Similarly, NFT sellers plummeted by 75.2% to 85,792.
The volume of NFT transactions in the marketplace has also reduced by 6.3% to 1,441,009.
These details are clear pointers to the continued struggles of the NFT market. Several major platforms have already closed down their NFT platforms.
A few weeks ago, LG closed its LG Art Lab, which launched just a few years earlier during the peak of the NFT frenzy. Since it is an NFT marketplace with about $5.6 billion in trade volume, X2Y2 has also shut down its operations.
Also, the major crypto exchange, Bybit, has directed its focus to other blockchain projects while closing its NFT platform. With all of these closures, there is no assurance that the NFT niche will be worth anything in a few years, not to mention the $264 billion predicted by experts for 2032.
The broader crypto ecosystem has registered some slight improvement compared to earlier in the week when Bitcoin (BTC) went below $77,000.
The flagship cryptocurrency and other digital assets have gained back some of the profits that were shed. At the time of this writing, BTC traded at $84,931.49, marking a 3.77% increase from its price level 24 hours ago.
Ethereum (ETH) is still below $2,000, trading at $1,652.98, but it has recovered by 6.33% in the last 24 hours. Solana (SOL), Dogecoin (DOGE), and XRP have also recorded an increase of 9.09%, 4.99%, and 8.18%, respectively.
The post NFT Sales Falls by 4.7% to Hit $94.7 Million WTD appeared first on TheCoinrise.com.
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