It was bad to be a token. A sign that the market may be experiencing something less like a winter and more like a full-blown ice age is that trading volumes are down 97 percent from the record highs seen in January.
The rest of the sales aren't bad. The sales numbers for September should be $466 million according to the report. At the beginning of the year, monthly sales totaled $19 billion.
There has been a decrease in trading volumes in the market. OpenSea, the world's top NFT trading platform by trading volume, fired 20% of its workforce in July, while the sad NFT spiral is situated against the backdrop that is the broader industry crash.
It's worth noting that there are some dismal macroeconomic conditions to consider, as every NFT-slash-crypto- CEO has noted during the industry's mass layoffs. The economy is having a hard time right now, as are most industries. Due to a lack of trust in the industry and an uncertain financial future, it's hard to convince consumers that a few hundred to a few million dollars is worth it.
It is unlikely that we will see the end of NFTs. As the industry's clout dwindles, prices and sales volumes will reflect that.
There are many ways for sellers to come up with new ideas. Can you imagine where the market would be if all NFTs had free weed? It's something to ponder about.
NFT trading volumes collapsed from January's peak.
The Sleazy Project sold narcotics to porn stars, but never got their permission.
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