In 2021, the non-fungible token (NFT) market saw significant growth, but according to a new Wall Street Journal article, these gains are now meaningless. Despite current indicators demonstrating that the sector continues to report large sales volumes, the WSJ article claimed that the NFT business was imploding.
Despite the Wall Street Journal’s claim that the NFT market was “flatlining,” several of the sector’s top collections continued to report record volumes. Over $1 billion in primary and secondary NFT sales were generated by these five collections.
According to data obtained by the Wall Street Journal from Nonfungible, an NFT market analysis tool, the number of NFT sales has dropped by 92 percent since a record high in September of last year. Wallet addresses in the Ethereum NFT realm have also dropped by 88% since a peak in November of last year.
Despite the WSJ report, additional data reveals that the NFT market is still strong, and it has a good possibility of attracting more trading volumes in the future. According to Dune Analytics, NFT users and transactions were substantially higher than what Nonfungible stated.
Other data suggests that over the past week, daily volume in US dollars for Ethereum NFTs reached its highest level since February. On May 1, the largest NFT marketplace, OpenSea, had a volume of $550 million.
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