NFT Sales Have Lost Nearly All Their Allure

According to the data, people who are focused on cryptocurrencies are having a harder time getting money for their products.

In the first nine months of this year, trading volume for NFTs has gone from $17 billion to $466 million. In just nine months, that drop has been stunningly steep. The data was gathered from NFT trading platforms.

Current trades are below where they were in July last year before the NFT craze took off. OpenSea, the largest NFT trading platform by volume, has seen sales fall 75% compared to just two months prior.

While the number of trades has gone down, the number of total traders hasn't gone down as much. In September, there were over 42,000 total traders, compared to a peak of over 66,000 in March, but less than in March.

Users are down as well. There is a decrease in the number of users on Open Sea.

The once-king of the non-fungible expanded universe is now ranked under due to the decreased popularity of Bored Ape Yacht Club, which still occupies a rather spacious room in the crowded minds of celebrities like ParisHilton and JimmyFallon. According to the hildobby data, Bored Apes had a 1 week trading volume of 3,634 ether. The price floor has seen an 8% drop in the market cap of the BAYC token.

Since the May crash of thecryptocurrencies, the industry has lost $2 trillion. That is correct, as the data on the likes of Tezos shows both are in a low-price rut compared to their highs.

Users still see major hacks of their accounts even if fewer people are making profits off of NFTs. Falovitch, a former sports manager who peddles NFT projects on behalf of Mark Cuban, said he had four NFTs stolen from his wallet on Sunday and the hacker made $150,000. Falovitch said that over $1 million had been hacked.

Open Sea is trying to get more people interested in trading by adding the Optimism network. The boom in new users that came with the release of the NFT marketplace was short lived. The company's revenue fell under $4,000 in August.

Many companies have been trying to cash in on the NFT craze, but now it seems even more ridiculous. More companies are trying to use NFTs on their platforms by not calling them NFTs. Starbucks referred to its own NFT platform as stamps. Executives at the company have been unwilling to use any reference to NFTs in any of its promotional materials.