The market is cooling down. The average trading value of the nonfungible token has fallen from a record $6,900 at the beginning of the year to under $2,000.
The invasion of Ukraine by Russia has dealt a major blow to markets across the board.
Is this the last stop on the gravy train? There is some evidence that the hype is starting to cool down, but the situation is more nuanced than that, with the number of unique traders still on the rise.
Recent history has shown that the world of the crypt is full of surprises.
Political unrest and global uncertainty are likely contributing factors to the decline.
The last week or so has seen a decline in floor prices for the most desirable NFTs.
Some people are cutting their losses. Fortune points out that one user sold a Bored Ape Yacht Club NFT today for $224,000, in a $67,800 loss.
Increased scrutiny from US regulators could be contributing to the decline. According to a separate report, the Securities and Exchange Commission is investigating whether NFTs are securities and should therefore be regulated as such.
Not every NFT marketplace is affected by it. According to DappRadar, sales of Bored Ape Yacht Club NFTs increased by 59 percent over the last week. They were also up 118 percent.
The number of unique traders and sales count is increasing, but trading volumes are down.
It's hard to say where the market is going next. It wouldn't be the first dip and subsequent rise in the world ofcryptocurrencies.
There are signs of cooling as the average price and sales decline.
Knockoff eBay NFTs are kind of based.
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