NFT Sales Tumble Down By 60%

Non-fungible token sales plummeted in Q3

According to DappRadar, demand for highly speculative digital assets shows little sign of recovery as sales declined sharply in the third quarter.

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Also, DappRadar added that Q3 of 2022 saw $3.4 billion in NFT sales, down from $8.4 billion the previous quarter and $12.5 billion in the first quarter of the year.

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NFTs popularity exploded in 2021 as crypto-rich speculators sought cash at skyrocketing prices, but sales volumes have plummeted in recent months.

Weekly NFT buyers, which peaked in late January, have more than halved.

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NFTs are unique cryptographic tokens that exist on the blockchain and cannot be duplicated.

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Devin Finzer, CEO of OpenSea said "I think what's unique about this environment is it's the intersection of both the macroeconomic downturn and the crypto winter".

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NFT market benefited from the rise of cryptocurrencies in 2021, but the conditions changed significantly in 2022, with rising central bank interest rates.

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