Non-Fungible Tokens (NFTs) have faced another week of declining sales, marking the sixth consecutive week of a downward trend. Recent data reveals that NFT sales dropped by a significant 9.91% in the past week, raising concerns about the future of the crypto market.
In the week spanning September 24 to October 1, total NFT sales amounted to around $72.77 million, representing a nearly 10% drop compared to the previous week. This prolonged slide comes even as the broader crypto market has been on an upswing.
“The NFT market just can’t seem to find its footing lately,” said art and blockchain expert Naomi Klein. “Despite small upticks here and there, overall sales volumes continue to deteriorate week after week.”
Though the number of NFT buyers and sellers increased over the past week by 17.77% and 15.82% respectively, the dollar value of sales and transactions fell. This suggests waning interest in higher-priced NFTs.
Ethereum network NFTs continue to dominate, accounting for over 51% of sales. However, even top NFT marketplace OpenSea saw volumes decrease on its platform.
Some analysts point to oversupply and speculators leaving the market as reasons for the decline. Others believe the downward trend is temporary, and NFTs will rebound as crypto markets mature.
But with sales sliding for over a month and a half, there is uncertainty over where the bottom will be. For NFT creators and investors, the coming weeks could determine whether this is just a blip or more systemic issues plaguing the nascent NFT industry.
