After taking the market by storm in 2021, the growth of non-fungible tokens has faced some bumps in 2022. Ask those who cover the sector if the NFT market is dead or alive, and you may get some different answers.
What Happened: A recent report from The Wall Street Journal said sales of NFTs are flatlining and the market growth could be over.
“Is this the beginning of the end of NFTs?” WSJ asked. The outlet pointed to sales of NFTs falling to a lower total for their daily average. The daily average NFT sales were around 19,000 in April, down 92% from a peak of over 225,000 in September.
The report is based on the number of NFTs and not the sales volume in dollars, which could be misleading. Several of the biggest NFT launches of all time have occurred in the last two months, and sales volume remains relatively healthy.
A report from Decrypt highlights April sales volume was up 45% month-over-month with $3.8 billion in sales. The month was led by Moonbirds and the growth of Solana-based (CRYPTO: SOL) NFTs like Okay Bears.
April sales volume was up from a $2.6 billion total in March and nearly beat a $3.81 billion total recognized in February.
Meanwhile, Sales volume on leading NFT marketplace OpenSea was up 40% month-over-month in April, according to the report.
While the WSJ report makes the case for NFTs being dead, some could argue the complete opposite based …
Full story available on Benzinga.com