The figure is alarming to say the least. According to data from Dune Analytics, NFT sales volume on OpenSea was the lowest on Sunday since December at $52 million. A disappointing total since the total of exchanges almost systematically exceeded 100 million dollars last April.
This observation is only one of the very many signs of tension on the market of non-fungible tokens that have been listed by our colleagues from cnet in a very complete article. They insist in particular on the emblematic case of the NFTs of the Bored Ape Yacht Club whose value fell from 400,000 dollars at the end of April to only 200,000 dollars on Monday.
The cryptocurrency industry is in trouble
These results are part of a very negative context for the world of cryptocurrencies with a significant drop in Bitcoin observed over the past few days. The same is true in financial markets where the values of big tech companies are falling.
The reason: the increase in the Federal Reserve’s key rate by 0.5% in an attempt to stem the rise in inflation. While this objective is laudable, many also fear that it will lead to a real slowdown or even a decline in economic activity as a whole.
In this difficult financial context, NFTs are therefore not the only ones affected. Nevertheless, we are probably witnessing the bursting of the speculative bubble as prices have been so panicked for more than a year.
Quoted by the American media, Ethan McMahon, economist at the blockchain data analysis company Chainalysis, analyzes the situation as follows: “ Volatility is particularly pronounced in NFTs because the market is less mature and therefore more sensitive to changes in user sentiment “.
However, and even if the investors who let themselves be attracted to the market risk losing a lot of money, NFTs should not be buried too quickly. cnet also believes that the emergence of the metaverse could give new meaning to these digital objects. Similarly, the sector is far from dead and some analysts estimate that the industry could weigh 100 billion dollars this year.