A Bloomberg report states that NFT volumes have dropped to a 16-month low, weeks following the FTX’s collapse.
Sales of non-fungible tokens (NFT) have been going downhill, after they became popular last year.
As it is reported by the Dappradar that when the largest NFT marketplace OpenSea was the only major trading venue in July 2021, was the last time NFT trade activity was this low.
Followed by the next month’s volumes which skyrocketed to nearly $4 billion, with OpenSea attempting to push the majority of the action.
Although LooksRare saw some early success in 2022, the popularity of the service subsequently declined over the course of the following months, as it struggled to gain ground in a contracting market against a variety of rivals.
With $94 million in volumes in November, up from $58 million in October, Magic Eden was the only NFT marketplace observed by Dappradar to see growth in sales last month. While X2Y2 saw a fall from $145 million to $69 million in volume, OpenSea observed a drop from $226 million to $174 million.
Its once-complete dominance of the NFT industry has been severely eroded after OpenSea cut 20% of its staff due to the macroeconomic difficulties and the seasonal bad market in crypto in July this year.
NFT Interest Expands
Despite the continuous downturn in the sales, last week’s developments show that several industries are still keen on releasing their NFT collections.
The Japanese video game corporation Atari has just formed a relationship with the print-on-demand company Pixel, allowing holders of their non-fungible tokens to print entire collections.
Mattel, one of the largest toy makers in the world, recently announced the launch of its own NFT marketplace entitled “Mattel Creations,” which would offer services directly to consumers.