Non-fungible tokens have been swept up in the recent crypto crash, with global NFT sales plunging and NFT buyers vanishing from marketplaces.
According to data presented by Augusta Free Press, global NFT sales dipped by 88% year-over-year, reaching a 2022 low of $366 million last week.
Sales Value Plunged by $2.7B in a Year
Since the crypto market crash, investors’ confidence in NFTs has been fading, with the lack of clarity, theft, and scams as additional drawbacks. The monthly NFT sales value hit over $3.1bn in October last year, according to NunFungible data. Five months later, in February, this figure hit an all-time high of $4.5bn. However, the entire market slowed down significantly in the following months, with the sales value plunging by a whopping 75% to $1.1bn in June.
Statistics show the NFT sales value dropped by another 67% since then, reaching $366.4 million at the end of last week. According to NunFungible data, the average sales value has moved from $632 to $398, showing a 37% drop year-over-year.
For the first time since August 2021, the Bored Ape Yacht Club NFT collection is now trading below $100,000. Its floor price had halved since May when BAYC NFTs were selling at $200,000 each.
Several top-rated NFT collections have also seen their floor prices plunge in the past months. Moonbirds have lost 60% of its floor price in the last 90 days, while CloneX witnessed a 20% drop in this period.
The Number of Active Wallets is Down by 74% YoY
The NunFungible data showed the downturn is also witnessed in the number of active wallets and unique buyers and sellers. Last week, the NFT space counted around 183,000 active wallets, 74% less than a year ago.
Statistics show the number of unique buyers plunged by 78% year-over-year to 129,000, while the number of unique sellers was down 72% YoY to 96,000.
The Google Trends data also confirm that interest in NFTs is plunging globally. After peaking at 100 in January, interest in buying NFTs fell to its deepest point at 6 in the second week of September, then rose to 9 last week.
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