NFT's Q3 sales plummeted in 2022, down 60% compared with Q2
CTOnews.com, Oct. 4 (Reuters)-sales of NFT (heterogeneous tokens) fell sharply in the third quarter of 2022, according to blockchain tracking DappRadar data, as cryptocurrency investors believe the "cryptocurrency winter" is coming, and demand for highly speculative digital assets shows little sign of recovering.
NFT is a blockchain-based asset that represents digital objects, such as pictures, videos, or items in online games. They became explosively popular in 2021 as speculators rich in cryptocurrencies were eager to cash in rising prices, but sales have fallen in recent months.
NFT sales in the third quarter of 2022 were $3.4 billion (about 24.14 billion yuan), down from $8.4 billion (about 59.64 billion yuan) in the previous quarter and $12.5 billion (about 88.75 billion yuan) at the market's peak in the first quarter of this year, DappRadar said.
CTOnews.com learned that sales of OpenSea, the largest NFT market, fell for the fifth consecutive month in September.
According to market tracker NonFungible.com, the number of weekly NFT buyers has fallen by more than half from its peak at the end of January.
While the traditional art market has quickly embraced the boom, sales figures have dried up, with NFT sales of Christie's, Sotheby's, Phillips and Bonhams totaling 8.4 million pounds (67.284 million yuan) so far this year, down from 127 million pounds (1.017 billion yuan) in the same period last year, according to Art Market Research.
