Bitcoin News and Finance
Depends on Who You Ask: Report Shows NFT Sales ‘Cool Off,’ Another Study Says ‘Market Set to Double by October’ Skip to main content

Depends on Who You Ask: Report Shows NFT Sales ‘Cool Off,’ Another Study Says ‘Market Set to Double by October’

Depends on Who You Ask: Report Shows NFT Sales 'Cool Off,' Another Study Says 'Market Set to Double by October'

In 2021, the non-fungible token (NFT) ecosystem has grown massively and data shows during the last month, there have been 98,832 NFT sales across over 32,000 active wallets. Monthly statistics show $272 million in recorded NFT sales have taken place but a recent report shows the NFT market is starting to “cool off” as NFT volumes have dropped. Although, another study suggests the NFT market could double in size by the fall.

Report Notes a ‘Cool Off’ Period in NFT Markets

NFT’s have become a huge success in 2021 and the market continues to show people are buying non-fungible token collectibles. Data from nonfungible.com’s market history shows out of more than 15,000 sales over $15 million worth of NFTs have been sold during the last seven days. This year has shown that nearly everybody is attempting to leverage NFTs in order to raise funds and the NFT trend has spread to world-renowned artists and celebrities.

However, a recent report from Sophie Kiderlin, a Markets Insider contributor, notes that the NFT market is “starting to cool off, as both prices and volumes fall.” Kiderlin highlights that after the notorious Beeple sale for $69 million, markets have seen a steep decline. “Sale volumes for art NFTs declined by almost 42%, making this the sector with the biggest losses. In the same timeframe, prices dropped by 40.5%. This translates to a sales value drop from over $71 million to $41.5 million as of today,” the report details.

Invezz NFT Study Disagrees With the Cooling-off Sentiment, Says ‘No Sign of the Bubble Bursting,’ and ‘Market Set to Double by October’

Kiderlin’s editorial further says that the only sector in the NFT space that has been doing well is “virtual plots of land and digital real estate” within the metaverse. The Markets Insider contributor’s data might be short-sighted, according to a recent report written by Invezz Newsdesk on Thursday.

It’s a stark contrast because the Invezz-written study says there is “no sign of the bubble bursting” and the “NFT market [is] set to double by October.” The forecast Invess supplies in its recent study predicts that the NFT market cap will increase “from $338 million in 2020 to $470 million in 2021.”

Depends on Who You Ask: Report Shows NFT Sales 'Cool Off,' Another Study Says 'Market Set to Double by October'

The Invezz study does recognize that the NFT sector saw a drop in volume this past April. “Is the NFT market a giant bubble set to burst?” the Invezz study authors ask. “The answer depends who you ask. The total trade volume of NFTs dipped to $68 million in April, leading some to conclude that the bubble was already bursting. Some feel that the price rise is pure tech speculation with little value or utility behind the products being sold. Some analysts say a market correction was inevitable following the boom in March.” The Invezz authors conclude by saying:

On the other hand, it’s far too early to conclude if the April data shows that interest has totally cooled. One month’s worth of data is hardly indicative of any longer-term trends.

Depends on Who You Ask: Report Shows NFT Sales 'Cool Off,' Another Study Says 'Market Set to Double by October'

It’s not the first time skeptics have suspected that the NFT bubble will burst and the NFT ecosystem has been referred to as a “house of cards.” There’s also been a surge in NFT-related scams since the trend has grown exponentially. Despite these criticisms, the Invezz study does not see huge corrections affecting the NFT economy like BTC’s and ETH’s recent downturns.

The Invezz study authors concluded by adding that the NFT “market looks like it’s resistant to the forces that have caused a correction in the price of cryptocurrencies like Bitcoin and Ethereum in recent times. Thanks to its unique combination of innovative technology and creative freedom, the demand for NFTs shows no signs of slowing down.”

What do you think about the NFT market slowing down? Do you see it cooling off or do you agree with this week’s Invezz study on NFT markets doubling? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory