NFTs: the end of the NFT hype? NFT trading volume plummets in September 2022 | news

• The NFT hype took place in different scenes

• NFT trading volume on OpenSea falls 93 percent between April and September

• Demand for digital land in the Metaverse drops 98 percent

The NFT hype

In recent years there has been a real hype around the NFT world. As BTC-ECHO explains, the digital collectibles markets have seen exponential growth. The so-called non-fungible tokens (NFT) are digital art and collectibles from a wide range of fields, including sports, music, in-game items and spirits. One of the biggest names in the NFT universe is the artist Beeple. He sold one of his digital artworks at a Christie’s auction for about $69.3 million. But various celebrities were also able to make a name for themselves in the NFT scene. For example, the rapper Snoop Dogg, the actor Anthony Hopkins or the late night star Jimmy Fallon, who are all NFT enthusiasts.

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OpenSea NFT trading volume plummets

In the meantime, however, the NFT hype seems to have stalled. According to a graph from the Dune Analytics data platform, the monthly trading volume for NFTs on the OpenSea virtual marketplace has plummeted. While the monthly trading volume was still about five billion US dollars in April 2022, it was only about 347 million US dollars in September 2022. This means a decrease of about 93 percent. However, even though trading volume is decreasing, the number of wallets holding at least one NFT shows an increase. As Cointelegraph reports, the number of wallets with NFTs has increased from 3.36 million in early January to 6.14 million now. However, the average NFT prices are also on the way down. While an NFT averaged around $2,000 in January of this year, the average price is now just $285, according to Cointelegraph.

Digital land in the Metaverse is not in such high demand anymore

Demand for digital land in the Metaverse has also dropped significantly, as crypto analysis firm Delphi Deli explains via a Twitter post.

“Interest in ‘Metaverse’ was fueled by a series of positive Q4 announcements last year from the likes of @Meta, @Grayscale and @Citibank. Virtual land trading volume has fallen by as much as 98 percent after peaking in 2021,” the tweet read . As t3n also explains, prices for digital land in the Metaverse would also develop negatively. However, despite the negative trends, many companies still see a great opportunity in the NFT sector due to increased investment opportunities, according to t3n.

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