The popularity of digital NFT tokens has fallen by 89% in a year

According to the blockchain data tracker CryptoSlam, NFT sales fell by 89% in November-December 2022. The historical high was recorded back in January, when more than $ 4.9 billion was paid for digital tokens. Industry experts are confident that numerous problems in the market, the bankruptcy of crypto lender Celsius, and the collapse of FTX will not help improve the situation.

«Confidence in NFTs has been shaken dramatically,» said Ian McMillan, chief development officer at Mojito, a software startup that helps leading brands create digital tokens.

NFT marketplaces are going through hard times right now. For example, the American branch of FTX, FTX US, directs its visitors to a page that talks about the bankruptcy of the crypto exchange in the section on the sale of digital tokens.

The decline in interest in NFTs has also hit the Coinbase marketplace. According to the blockchain tracker Dune Analytics, the trading volume on the platform has significantly decreased after the fall sales record. Thus, on September 9, the trading volume of Coinbase NFT amounted to more than $ 533,500, and on December 26, the platform managed to sell digital assets for only $ 5,000. Thus, the volume of trading operations fell by 99%.

Dune Analytics has estimated that the total sales of Coinbase NFT for the entire period of its existence amounted to $ 7.2 million. This is less than the daily revenue of the leading NFT marketplace OpenSea — according to DappRadar, the platform has made $ 8.2 million in transactions in the last 24 hours alone.

As a reminder, Christie’s auction house, the leader of the global art market, stated that the revenue from NFT sales fell 20 times. In 2022, Christie’s sold only 87 NFTs for a total of $ 5.9 million, which is 96% less than last year.