As per the reports, the market of non-fungible tokens (NFTs) reached its peak during the years 2021 and 2022. As per dappGambl, the NFT market’s current condition has recently gone through a huge plunge, reaching a small 7-day trading volume of up to $80M. Non-fungible tokens are not like crypto assets that are exclusive digital assets.
DappGambl Says NFT Market Has Dipped from $2.8B to Just $80M
They are verified with the use of the blockchain technology. Contrary to the crypto assets such as Ether or Bitcoin, which are identical and interchangeable, every NFT has unique information. NFTs witnessed significant popularity because of their capability to revolutionize collectibles, digital art, and real estate. They offered a method for provenance and ownership of exclusive digital items. This opened the latest digital items.
As a result of this, unique revenue streams emerged for creators and artists. DappGambl brought to the front that the market touched an amazing per-month trading volume back in 2021’s August. The respective volume reached the figure of up to $2.8 billion at that time. That was the time when NFTs dominated the headlines in the media. They also grasped the attention of common masses around the world.
Nevertheless, the current plunge in the NFT prices has decreased the market volume drastically, placing it at only $80M. The respective state of this sector represents only three percent of the top trading volume witnessed back in 2021’s August. As DappGambl suggested the above-mentioned dip is not only noteworthy but also unprecedented.
Most of the NFTs Become Worthless as Buyers Show a Skeptical Behavior
It emphasizes that the market has a very volatile nature. The ongoing bearish phase of the whole market has paved the way for a challenging atmosphere for sellers while purchasers have become more cautious and sceptical. The findings of the analysis conducted by dappGambl disclose that most of the NFTs are fundamentally worthless.
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