Sales of non-fungible tokens (NFTs) have fallen 92 per cent since September, according to new data.
Analysis by the website NonFungible, first cited by the Wall Street Journal, found that NFT sales fell to a daily average of 19,000 this week, compared to 225,000 seven months ago.
Active wallets, which are used to store NFTs, also dropped by 88 per cent. The article concluded: “The NFT market is collapsing.”
Data from Google Trends also shows that online search interest in the technology – which allows assets like digital artwork to be traded and stored through online ledgers – has plummeted by 89 per cent since peaking in January 2022.
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