The NFT market is still at early stages as new projects continue to innovate & grow under these harsh circumstances. 💪 Let's take a look at some of the NFT statistics with intotheblock 👇
The recent market downturn has caused an interest drop in NFTs. Valued pieces recently took a reality check, quickly losing a great percentage of their value. The pop-culture phenomenon fueled by the crypto bull market of 2021 brought quick and value to the industry, attracting many new participants. However, during the market decrease, demand slowed down while the supply trend remained high, resulting in the loss of value for collections.
Moreover, the market downturn also affected companies at the structural level. For example, leading marketplace Open Seaof its staff in July. While relaying in a 2.5% fee of the sale price as commission, the recent drop in demand affected their revenues. The marketplace managed to process an impressive $4.85 billion during January 2022, marking its highest processing month after dropping into a 13-month low in August 2022.
Oversupply of the market in combination with current market conditions has led prices for NFTs popular collections to further decrease in price. This can be noticed in IntoTheBlock's matrix for Most Valuable NFT Collections.The table above shows the 10 most valuable collections, sorted by their market capitalization. The market capitalization in this case is calculated as the median price of the last 50 NFT sales times the number of pieces in the collection.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
7 Artists That Had Their Lives Changed By Selling NFT Art | HackerNoonNFTs as a technology bridge the opportunity gap and levels the playing field between artists worldwide. Meet 7 artists who's lives changed thanks to NFTs 👀
Read more »
Andreessen Horowitz wants to fix NFT copyright with its 'Can’t Be Evil' licenseIt’s based on the Creative Commons framework.
Read more »
David Bowie Estate Links Up With Nine Artists for New NFT Project'Bowie on the Blockchain' will feature works that incorporate 'artifacts' pulled straight from the late musician's archives.
Read more »
Sony Music files trademark application for NFT-authenticated musicSony Music has signaled intentions to make use of NFTs after filing a trademark application in the United States for recordings that would be 'authenticated by non-fungible tokens.'
Read more »
Sorare Partners With NBA to Build a Licensed NFT Game – News Bitcoin NewsSorare has partnered with the NBA to build an NFT game, allowing the company to use team names and player likenesses from the league.
Read more »