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NFT Sales Slowing Down: Report

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Reuters reported Monday that non-fungible token sales would reach $25 billion in 2021. (Jan. 10).

As speculative crypto assets gained popularity, there were indications of growth slowing down towards the end of the year.

The data comes from market tracker DappRadar, which tracks NFT ownership across 10 blockchains. The sales volume hitting near $25 billion was a mass increase from $94.9 million from 2020.

Prices of NFTs, which include photographs, films, and virtual land, soared in 2021. So speculators may “flip” them for a profit in a few days.

The art world has caught on, and NFTs have sold for millions at auction. Coca-Cola and Gucci have both sold NFTs.

Volumes have been estimated based on what is included. Off-chain transactions, such as large NFT sales at auction houses, are typically not included, the paper claims.

August was the busiest. According to OpenSea, the largest NFT marketplace, they decreased in September, October, and November before rising again in December. The data doesn’t seem to be related to swings in cryptocurrency prices, which are often utilised to acquire NFTs.

However, some have questioned why so much money is spent on products that don’t exist in the actual world.


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