NFT has been the buzzword of the blockchain space in recent months, achieving celebrity status with artists and public figures eager to capitalize on a rapidly growing industry. However, the popularity of non-fungible tokens has dropped dramatically since May 3, which is when NFT sales peaked at $ 102 million in one day.
Christie's posted a record sale in March
Protos processed data, according to which last week, Only $ 19,4 million worth of NFT sales have been processed, with some suggesting that the NFT bubble has finally burst. While digital collectibles make up the bulk of sales, accounting for half of the current market, overall the number of NFTs sold has fallen by nearly 90% from its peak in May.
At its peak, the NFT boom saw throngs of celebrities and artists collaborating with NFT platforms such as OpenSea, NBA Top Shot, and Nifty Gateway, with NFT sales reaching lucrative levels for some individuals.
Perhaps most popular was the sale of Beeple's The First 5000 Days that really caught the eye of the mainstream. Christie's attracted worldwide attention in March when it sold its NFT of a digital collage for a staggering $ 69 million. Since then, high-profile figures such as Eminem, Grimes and even entire sports teams have created unique NFTs and have made significant gains thanks to this new phenomenon.
Still concerns for the health of the environment
While those who invest in the market may find the recent revelations worrying, critics of non-fungible tokens are likely to be pleased that the NFT boom is seemingly coming to an end. The environmental impact of these tokens is a major concern for skeptics. As the energy required to mint NFTs is considerable, recent competition has seen the emergence of new NFT platforms built on Tezos that promise to be much more energy efficient than some of the more popular platforms built on the Ethereum network.
Issues such as the environmental impact of NFTs and the notion that they are built on speculation have been key factors in this decline in popularity. Whether or not the NFT market will recover is yet to be seen, however the recent cryptocurrency crackdown and market crash has certainly not helped matters. Bitcoin's proven track record means that the cryptocurrency could realistically reverse its downward trend, as it has done several times before, but unlike Bitcoin, non-fungible tokens have exploded and exploded in a relatively short amount of time.
Those who decide to buy Bitcoins now, he can do it in a simple way and given that the markets have been recovering strongly in recent days, it could be the most suitable time to start your journey into the world of cryptocurrencies.
