NFT Data Shows Sales Drop 40% Amidst Latest Market Pullback

The NFT data shows that the sales dropped 40% amidst the latest market pullback with the daily trading volumes of non-fungible tokens dropping drastically as the broader market saw high-volume sell-offs as we are reading more in our latest crypto news today.

The latest mania surrounding the NFTs is seemingly cooling off the sales revenues have decreased about a half in just one week with the blockchain data and the news outlet PANews that pointed out today. The NFTs are a special type of non-interchangeable tokens which have taken the world by storm over the past few months and unlike common cryptocurrencies, each NFT contains all kinds of digital data such as music, artworks, photographs, videos, and more.

#PAData The #NFT fever is fading as the #NFTs sales revenues in last 7 days dropped 42.43% to ~US$45.26M on Apr 21 from the $79.62M on Apr 14, according to @nonfungibles, which also decreased by 12.48%, compared to that on March 23. 👉 https://t.co/EnogPwOaGc pic.twitter.com/uOOuNaFvi3

— PANews (@PANewsOfficial) April 21, 2021

According to the report, the NFT data shows that the sales dropped by 42.43% over the past week from $79 million to $45.26 million by April 21. This suggests that the collectors are now becoming less eager to pay thousands or millions of dollars for digital certificates of ownerships that the NFTs represent.

NFT sales on the secondary markets where people are now reselling their tokens that bought from original creators have been higher but they also saw a drop too. Over the past week, the total number of NFT sales on secondary markets dropped by 24.63% that amounted to around 25,400 with the number of active market wallets dropping to about 12,000 meaning that 42% of active participants of the NFT market stopped making trades. At the same time, the number of NFT sales and active wallets dropped in the past 30 days.
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The #NFT secondary sales volume was much higher than primary sales. The No. of sales and active market wallets also declined. The former totaled ~25,400 while the latter ~12,000, a drop of 24.63% and 42.43%, respectively, or down by 41.2% and 38.37% compared to a month ago. pic.twitter.com/61AkfvIc1z

— PANews (@PANewsOfficial) April 21, 2021

As reported recently, analysis from the Bloomberg publication suggested that the dropping prices could signify that the NFT craze could be fizzling out. According to the report, the average price of NFTs surged at around $4300 but then dropped to about $1400 by April 4. Notably, this all-time high coincided with the recent record-breaking sale of Everydays: The First 5000 Days which was a popular NFT artwork by Beeple for over $69 million. In the meantime, despite the falling hype, some NFT fanatics continued to build upon the subculture in the space and the plots of “virtual land” have been selling for over half a million dollars.