NFT hype cools off, market volumes hit lowest levels since July

cnbctv18.com:

Weekly market volumes of non-fungible tokens (NFTs) has plunged to its lowest levels since July 2021, per a report by Nonfungible.com, a site that curates data related to NFTs.NFTs are assets that give people ownership of digital files of real world items such as art or music. According to the ‘completed sales’ chart on Nonfungible.com, the weekly market volume of NFT sales has plunged to around $176 million. That’s approximately five times less than the weekly trading value of around $924 million on January 31.

In the first quarter of 2021, NFT sales had totalled roughly $2 billion.It’s not just trading volumes, retail investors are also not searching the web as much for NFTs as they were around October last year, per search data from Google Trends. Source: Google TrendsBut does this mean the popularity of the once infallible NFTs is fading?Also Read| Crypto investments by women on the rise; a look at latest trendsOver the last two years, NFTs or non-fungible tokens have taken the world by storm. Digital works of art were selling for millions of dollars.

Some of the world’s biggest brands were looking to bring NFTs into their business models. Even Bollywood stars were hopping onto the digital asset bandwagon. Therefore, the current slump in trading volumes comes as a big surprise, raising investor eyebrows the world over.Lowest weekly market volume in nine months:Due to current world affairs, the broader crypto market has taken a significant hit.