According to the latest report published, NFT sales have dropped 97 percent in the last 9 months.
Non-fungible token (NFT), which means “unchangeable token” in Turkish, means a unique token encrypted on the blockchain network.
Thanks to this technology, which became very popular last year, millions of dollars were earned from visual or video sales. NFTs have been in decline lately.
NFT sales fell to yearly lows after a massive drop. The average daily sales of NFTs had dropped to about 19,000 in June 2022.
At its peak between August and November last year, NFT sales were generally above 200,000.
Sales fell 97 percent in the last 9 months
Data released by Dune Analytics showed that sales volume of NFTs fell from $17 billion to $466 million between January and September of this year.
NFT sales have dropped 97 percent in the last 9 months, according to data gathered from leading NFT platforms such as OpenSea, NFTX, LarvaLabs, LooksRare, SuperRare, Rarible and Foundation.
OpenSea is in trouble
Things are not going well in OpenSea, the largest NFT market. In particular, OpenSea, which reached a daily volume of 405 million dollars in early May, when Yuga Labs made Otherdeeds NFT sales, today has a daily sales volume of 5 million dollars with a loss of 99 percent.
The decrease in the number of OpenSea active users and sales has a significant impact on this.
OpenSea co-founder and CEO Devin Finzer announced in a statement in the past months that 20 percent of its employees were laid off.