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Pundits say crashing floor prices and sell volume signal that ‘the NFT market has died’

CryptocurrencySep 22, 2021 06:00PM ET
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Pundits say crashing floor prices and sell volume signal that ‘the NFT market has died’

Nonfungible tokens (NFTs) dominated crypto and mainstream media headlines all throughout 2021 as investors who held CryptoPunks and other projects minted prior to 2018 were finally rewarded for their patience. Meanwhile, newer projects like the Bored Ape Yacht Club and Art Blocks Curated saw some of their rarer pieces sell for millions of dollars.

Despite the million-dollar sales for select one-of-a-kind NFTs and the record-breaking sell volumes on marketplaces like OpenSea, data shows that a majority of the lower-priced NFTs and lesser-known projects in the market do not accrue value and this means that the sector is rather illiquid. Using data from OpenSea, a recent report from Bloomberg found that 73.1% of NFT assets had only one transaction in the past 90 days.

The number of transactions for assets on OpenSea. Source: Bloomberg
Number of NFT sales. Source: Nonfungible

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Pundits say crashing floor prices and sell volume signal that ‘the NFT market has died’
 

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