Meta Digest

  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
Menu
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
Menu
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
Menu
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • Contact Us
Home NFTs

Report Says NFT Industry Is Declining

by Josh Barter
May 2, 2022
in NFTs
Brazil Company Sells NFTs to Fund Preservation of Amazon Rainforest
153
SHARES
Share on FacebookShare on Twitter

Photo: BeInCrypto

The NFT industry is showing signs of decline after OpenSea’s sales volume plunged to $2.5 billion last month.

In January, OpenSea’s sales volume was double that amount.

Moreover, the number of people buying NFTs dropped to 635,000, with an average price of $247 last month.

“Obviously the enthusiasm and interest that we had at some periods last year is not here anymore,” Pablo Rodriguez-Fraile, an NFT enthusiast, told Reuters. “I think we achieved something that wasn’t sustainable.”

The director of finance and analytics of DappRadar, Modesta Masoit, explained that Russia’s invasion of Ukraine might be a factor for investors showing caution. She added that the market is in a consolidation stage rather than a decline. 

“Everybody was expecting that there was going to be a consolidation period,” she told Reuters. “It’s not going away, it’s just consolidating.”

Art Blocks NFT, a pack of computer-generated collectibles, sold at an average price of $15,000 in September last year. But, by March, the prices dropped to $4,200.

But the prices of six-figure NFTs, like the Bored Ape Yacht Club collection, remain around $300,000. 

Breaking the $17 billion mark

In 2021, the total transaction volume of digital collectibles surpassed the $17 billion mark. In addition, the number of NFT holders and traders totaled 2.5 million, while the number of buyers reached 2.3 million, 2.2 million higher than the 75,000 in 2020.

But, according to a survey by digital security company Privacy HQ, nine out of ten respondents said they had experienced some form of scam as half of them had lost access to their NFTs at some point, and two-thirds had panic-sold in the past.

Tags: Featured
Josh Barter

Josh Barter

Josh Barter is a data scientist and freelance writer. He covers a variety of topics.

Latest

News

Elon Musk calls out report on SBF investment as ‘false’

January 24, 2023
DeFi

Ribbon Finance takes a dip in the crypto exchange space with Aevo

January 24, 2023
NFTs

Vaynerchuk and VeeFriends expand from NFTs to shelves as toys

January 24, 2023
Markets

Blockchain industry set to flourish in the Middle East

January 24, 2023
News

FTX struck with major debt to 50 creditors

January 24, 2023
NFTs

NFTs Provide a Way for Ukraine to Preserve Its Cultural DNA

January 24, 2023
News

Sam Bankman-Fried dismisses Argentina escape rumors

January 24, 2023
Crypto

Jon Tester, US Senator, still dismissive of crypto

January 24, 2023
NFTs

Gaming company Ubisoft goes back on NFT project and claims it’s in ‘research mode’

January 24, 2023

Meta Digest

  • Contact Us
Menu
  • Contact Us

Legal

  • Privacy Policy
  • Terms and Conditions
Menu
  • Privacy Policy
  • Terms and Conditions

Sitemap

  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
Menu
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto

Connect with Us

Get our latest stories in the feed of your favorite networks

Connect with Us

Get our latest stories in the feed of your favorite networks

Stay In The Know

Subscribe for the latest PR advice.

SUBSCRIBE TODAY
Meta Digest is part of a NewsAnchored Network Publication.
© 2023 Meta Digest. All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY

Meta Digest

  • Contact Us
  • Contact Us

Legal

  • Privacy Policy
  • Terms and Conditions
  • Privacy Policy
  • Terms and Conditions

Sitemap

  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto

Connect with Us

Get our latest stories in the feed of your favorite networks

Connect with Us

Get our latest stories in the feed of your favorite networks

Stay In The Know

Subscribe for the latest PR advice.

SUBSCRIBE TODAY
Meta Digest is part of a NewsAnchored Network Publication.
© 2023 Meta Digest. All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY

Meta Digest

  • Contact Us
  • Contact Us

Legal

  • Privacy Policy
  • Terms and Conditions
  • Privacy Policy
  • Terms and Conditions

Sitemap

  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto
  • DeFi
  • Education
  • Markets
  • News
  • NFTs
  • Crypto

Connect with Us

Get our latest stories in the feed of your favorite networks

Meta Digest is part of a NewsAnchored Network Publication.
© 2023 Meta Digest.
All Rights Reserved
  • Artist Weekly
  • Atlanta Wire
  • California Gazette
  • California Observer
  • CEO Weekly
  • Celebrity News
  • Chicago Journal
  • Coin Week
  • Economic Insider
  • Entertainment Monthly News
  • Entertainment Post
  • Famous Times
  • Influencer Daily
  • LA Wire
  • Market Daily
  • Meta Digest
  • Miami Wire
  • Music Observer
  • Net Worth
  • NY Weekly
  • NY Wire
  • Portland News
  • San Francisco Post
  • Texas Today
  • US Business News
  • US Insider
  • US Reporter
  • Voyage NY