Especially in the last 1.5 years, while there has been a great NFT explosion all over the world, the millions of dollars given for many collections and single works are astonishing. However, on the other side of coin, the interest in a significant number of NFTs seems to have decreased to almost zero.
A new blockchain study has shown that 1/3 of NFTs have almost no transactions. According to the information given by Bloomberg from the US media, referring to the blockchain analysis firm Nansen; One-third of NFT works end-up “dead”…
According to Nansen’s research based on 8400 NFT collections and a total of 19.3 million NFTs, things are not going well for another one-third either. Here, too, the works are traded below the price at which they were minted.
Like the 2018 ICO era?
In the news of Bloomberg, it was stated that while the failed NFT projects and products were compared to the ICO boom and subsequent collapse in 2018, the interest decreased and the number of projects that were disappearing was increasing. An anonymous NFT collector using the pseudonym WhaleShark also attributed this to the rapid flow of money within the industry and the constant urge of too many ignorant people to buy.
Big Decline on OpenSea
The recent declines in NFT sales are also reflected in OpenSea, the largest NFT marketplace. In total NFT sales, the volume of the last 30 days decreased by 40 percent compared to the previous month, while the sales rate in OpenSea decreased by 67 percent compared to the previous month. In the news of Bloomberg, it was stated that experts interpreted this not as a decrease, but as a cooling down.
However, the decline in general is not seen in collections such as Bored Ape Yacht Club. As it will be remembered, the famous singer Madonna announced that she also joined the BAYC family on Friday. Blockchain records showed that Madonna paid more than $500,000 for NFT. Names such as Eminem, Stephen Curry and Paris Hilton are other celebrities who bought Bored Ape NFTs and paid hundreds of thousands of dollars for the works.
Yuga Labs, the developer of the Bored Ape Yacht Club, also launched a token called APE last week. The great interest had made the exchanges list the APE token one after the other.