The once-feverish NFT marketplace, where digital art and collectibles commanded millions, now resembles a deserted online bazaar. A new report paints a stark picture – a 97% plunge in trading volume since 2021 and a staggering 95% of NFT projects holding zero market value.
This dramatic decline begs the question: is the NFT market headed for extinction, or is this just a temporary hiccup?
From Jpeg Millionaires To Tumbleweed Sales
Just two years ago, NFTs were the new gold rush. Beeple’s $69 million digital collage sale became a cultural phenomenon, and stories of overnight millionaires from “on-chain jpegs” fueled a speculative frenzy. However, that frenzy seems to have fizzled out.
Today, the average NFT sale struggles to break the $200 mark, a far cry from the seven-figure sums of yesteryear. Daily sales have nosedived from a bustling 87,000 in 2021 to a mere 2,000 in 2024.
Crypto Winter And Beyond: A Cocktail Of Challenges
The blame for this downturn falls on
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