- The sluggish cryptocurrency market caused global NFT sales to fall more than 76% short of their peak season in late 2021.
- The lack of regulatory clarity, investor distrust, thievery, and swindling were notable other problems in 2022.
- Before surging to an all-time high of $4.77 billion in January 2022, the total monthly NFT sales peaked at roughly $2.8 billion in December 2021.
The examination of market data shows that the developing non-fungible token market saw a severe downturn in 2022 as a result of the broad crypto market winter that caused the freezing of numerous crypto assets and digital collectibles.
Data gathered by CryptoPresale.com shows that in 2022, transaction volume for digital collectibles fell by approximately 80% year over year across all industries, from digital art to blockchain gaming.
The global NFT sales fell more than 76% short of their peak season in late 2021 as a result of the weak market in cryptocurrencies, coming in at just $638 million in December. The leading cryptocurrency, Bitcoin, was not exempt from the bear market; it was forced to trade below $17,000 for months.
This week, Solana NFT sales increased 91.36% as the chain recorded $23.64 million in seven-day sales. Despite the size of Solana’s growth, Waves-based NFT sales only sold $7,609 worth of NFTs, despite a 302.59% increase. Although Theta’s NFT sales increased by 132.29% over the previous week, just $358 worth of digital collectibles were sold.
Bored Ape Yacht Club, which made $12.59 million over seven days, has this week’s highest sales total. The $12.59 million over 144 purchases, however, represents a 47.05% decrease from BAYC’s sales the previous week. Otherdeeds, Mutant Ape Yacht Club (MAYC), Azuki, and Cryptopunks are the organizations that come after BAYC, in that order.
Notably, other issues in 2022 included investor skepticism, a lack of regulatory clarity, theft, and swindling. The combination of these elements and the bear market caused the volume of transactions to decline by 38% in 2022.
The total monthly NFT sales reached about $2.8 billion in December 2021 before skyrocketing to an all-time high of $4.77 billion in January 2022, according to data obtained by CryptoSlam. However, in March, the monthly NFT sale totaled more than $2.5 billion.
Unfortunately, during the following six months, the NFT’s monthly sales declined substantially, failing to even surpass $500 million in October for the first time since July 2021. The NFT market did, however, bounce back and reach $534 million in November 2022.