NFT Sales Have Plummeted

gamerant.com:

For the past year, NFTs have been a consistent point of contention among gamers and the finance sector as a whole. From game publishers such as Ubisoft and Square Enix expressing interest in bringing NFTs to their games to Steam banning sales of blockchain-based games on its storefront, it’s clear that the gaming industry is at a crossroads with blockchain technology. However, recent news indicates that NFT sales have hit a sharp decline, and public interest in the technology is beginning to wane.

For the unaware, non-fungible tokens, frequently referred to as NFTs, are blockchain-based tokens that tie assets such as images, music, and various digital media to their blockchain signature. Blockchain enthusiasts across the internet claim that NFTs are the way forward for ownership in the digital era where almost anything can be more or less right-clicked and saved. NFTs have made many crypto speculators quite wealthy in recent years as the Ethereum-based images have frequently traded for high prices throughout the crypto boom of 2020 and 2021.

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A recent report by The Wall Street Journal indicates that the once-lucrative NFT market is “flatlining” as non-fungible token sales have dropped from a daily average of 225,000 in September to a measly 19,000 this past week. At the time of writing, sales have spiked to an average of 24,000 but are still far from reaching their six-digit peaks only months ago. Active wallets in the NFT market fell from 119,000 in November to 14,000 last week. Outside of the investment sphere, the public’s interest in NFTs is also plummeting as Google Trends ranks the term “NFT” at a ratio in the mid-20s for April compared to January’s