NFT sales plunge in Q3, down by 60% from Q2

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© Reuters. FILE PHOTO: A non-fungible token (NFT) displayed on the website of NFT marketplace OpenSea is seen through a magnifying glass, in this illustration image taken February 28, 2022. REUTERS/Florence Lo/Illustration

By Elizabeth Howcroft

LONDON (Reuters) – Sales of non-fungible tokens dropped sharply in the third quarter, based on blockchain tracker DappRadar, as crypto investors hunker down for a “crypto winter” and demand for the extremely speculative digital property shows little signal of returning.

Non-fungible tokens (NFTs) are a sort of blockchain-based asset representing a digital file similar to an image, video or merchandise in an online sport. They exploded in popularity in 2021, as crypto-rich speculators rushed to cash in on rising prices, however gross sales volumes have slumped in latest months.

The third quarter of 2022 saw $3.4 billion in NFT sales, down from $8.4 billion the previous quarter and $12.5 billion at the market’s peak within the first quarter of the year, DappRadar mentioned.

While the nascent NFT market benefited from cryptocurrency value positive aspects and excessive risk urge for food among investors in 2021, these situations have turned sharply in 2022, as central financial institution fee rises immediate traders to ditch dangerous property. is buying and selling round $19,000, down from its November peak of $69,000.


Sales on the most important NFT market, OpenSea, fell for a fifth consecutive month in September.

“I think what’s distinctive about this setting is it’s the intersection of each the macro financial downturn and the crypto winter,” stated Devin Finzer, CEO of OpenSea, which is backed by investors including a16z.

“The earlier crypto winters have been somewhat extra isolated to simply crypto costs so for that reason, I suppose it’s wise to be conservative about how long this might final.”

But he said the company is in a “good spot financially” and he is excited about the potential of NFTs in the longer-term, describing the downturn as a “building phase”.

Weekly NFT buyer numbers have greater than halved from their peak in late January, based on market tracker

While the normal artwork market was fast to embrace the craze, gross sales numbers have dried up, with NFT gross sales at Christie’s, Sotheby’s, Phillips and Bonhams combined at 8.4 million kilos ($9.41 million) year to date, down from 127 million kilos the same time last 12 months, in accordance with knowledge from Art Market Research.

($1 = zero.8929 pounds)

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