NFT Hype Fades in Crypto Market as Sales Volume Plunges – Bloomberg

Nonfungible tokens, most popularly associated with the digital artwork and other collectibles recorded on crypto blockchains, have lost most of their value after once capturing the imagination of crypto enthusiasts as the next big thing….

Monthly trading volume for NFTs plummeted 81% between January 2022 and July 2023, data from DappRadar shows. Over the same period, monthly NFT sales figures have dropped 61%, per DappRadar. And floor prices for blue-chip NFTs like Bored Ape Yacht Club and CryptoPunks are at more than two-year lows, according to industry data tracker NFT Price Floor.

“When you look at the charts, everything is down,” said Lorenzo Melendez, president at NFT project Pudgy Penguins — named for its digital art featuring cartoonish, cutesy versions of the flightless birds. “You are seeing just a lot of capitulation, ‘We don’t know what to do or where to go’.”

Source: NFT Hype Fades in Crypto Market as Sales Volume Plunges – Bloomberg