Has the NFT "bubble" burst?
Not long ago, I wrote a post titled Is NFT overrated at a time NFTs were in their prime, and at that post, I received a variety of different comments and opinions from friends whom I value and respect.
Some of those comments seemed skeptical about the NFT space as a whole, seeing it as a bubble or close to it. While I disagreed with them, there seems to be mounting evidence that they were right. At least, this is what figures and statics have so far to say...
Signs of slowing down:
Since the start of March, there have been growing signsy of slowing down in the NFT space. According to market tracker NonFungible, the average sale price of an NFT is now about $2,000, which is down from about $7000 three months ago!
OpenSea's trading volume is down a whopping 67% in the last 30 days and the number of sales has likewise fallen. Something quite clear in the chart below.
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