While it is true that non-fungible tokens (NFTs) have been on a surge this year and sales continue to soar, a recent study by protos.com revealed sales of NFTs fell by 90%.
According to the report, last month about $102 million worth of the digital asset was sold. However, the last seven-day data now show only $19.4 million sales were processed for the past week. The study revealed the NFT ecosystem experienced a sizeable drop from its May 3 high and only a few projects are still continuing to sell.
Currently, projects like Cryptopunks and Hashmasks are the only ones to sustain their sales, with market statistics from nonfungible.com confirming the trend.
NFT wallets also decline
The protos.com study also shows a decline in the number of active NFT wallets, from 12,000 per day to 3,900, staring at a loss of close to 70%.
Meanwhile, other top NFT sales in recent times came from Sorare, Meebits, Decentraland, Superrare, and the Sandbox.
One NFT from Meebit was sold for $2.6 million last month, followed by four tokens sold for $1 million each. On the other hand, a single Cryptopunk sold for $1.4 million.
NFT sells despite the struggle
For the last seven days, Cryptopunk has recorded 79 unique sales amounting to more than $4.8 million. While Sorare was able to register a significantly lower amount of around $2.4 million, it came from more than 10,000 sales.
Even with the millions of sales, the study conducted by protos.com implied the NFT bubble has popped. “All things considered, the data suggest the NFT bubble lasted just four months and it popped about this time in May,” said the researcher from the study proponent.
As it appears, the NFT industry also suffered a major setback at the same time when the crypto market crashed, causing a brutal wipeout in crypto market capitalization.
Image courtesy of Cointelegraph News/YouTube