BRIEF // Is the NFT already dead? If the diagnosis seems frankly premature to us, the recent fall in the financial markets, and particularly in the price of cryptocurrencies, has in any case done him great harm.
According to the research firm Chainalysis, quoted by The Guardian, NFTs in June posted their worst sales performance since the same month last year (2021), when they slumped to $648 million. In June 2022, NFT sales were only around $1 billion.
And this figure is far from the peak of popularity of these non-fungible tokens which sometimes trade at gold prices on decentralized markets. In January 2022, their sales even reached $12.6 billion, and had risen to more than $5 billion for 10 consecutive months. The overall amount for 2022 will still be higher than that of the previous year, since they have already reached more than 42 billion dollars against 40 billion dollars in 2021.
“This decline is certainly related to the broader slowdown in crypto markets”, said Ethan McMahon, an economist at Chainalysis. It remains to be seen whether the NFT market will recover when the cryptocurrency market has healed its wounds.