Cryptocurrencies
NFTs Have ‘Fallen Off the Cliff’ as Sales Sink to Lowest Levels in a Year
- Sales have plunged this month to below the $1 billion mark
- The JPG NFT Index is down by about 70% since its April launch
The market for nonfungible tokens -- such as artwork of bored apes and pudgy penguins -- has been spiraling downward after sales sank sharply and the prices of popular NFTs plummeted over the last few weeks.
The crypto niche is on course to record its first month with under $1 billion in sales since June 2021, according to data tracker DappRadar. On the world’s biggest NFT marketplace, OpenSea, sales volume has fallen 75% since May, and looks set to scrape the lowest levels since July 2021, Dune data shows.