NFT market crashed after significant increase in May

The decline comes after a significant increase in May

NFT crashed

NFT market crashed after significant increase in May. Source: shutterstock.com

NFTs have experienced a 90% decline in sales, according to Protos. The trend has led many to believe that the non-fungible token is dead.

The decline comes after a significant increase in May. However, data now shows that the NFT market is in the midst of an implosion.

On 3rd May, NFTs sales worth $102 million were made in a single day. However, in the past week, only $19 million NFTs were sold. In the seven-day period on the market top, NFTs worth $170 million were sold. This equals close to a 90% decline in the sales of the non-fungible token since then.

Since early May, NFT wallets that have any economic activity have also declined by 70%. This is a significant fall from 12,000 to 3,900. The decline was experienced across all token categories including decentralized finance, utility, sports, spanning gaming, collectibles, metaverses, and art.

The most purchased NFTs are the crypto-collectibles, both in the market peak as well as the decline. In the past month, crypto-collectibles have declined by 66%. Sports tokens come second in the popularity of NFTs. During the market drop, sports tokens were the most resilient, with active wallets declining by 55%.

The confusion and hype behind NFTs were caused by the emergence of the tokens as the latest craze in the crypto space. The hype follows the footsteps of yield farming, DeFi, and the ICO phase. Either way, NFTs remain the hottest technological invention that emerged from blockchains.

We’ve reported that World’s first NFT microinsurance launched.

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