NFT Trading Volumes Collapse 97 Percent From Peak Earlier This Year

Sidhartha Shukla, reporting for Bloomberg:

Trading volumes in nonfungible tokens — digital art and collectibles recorded on blockchains — have tumbled 97% from a record high in January this year. They slid to just $466 million in September from $17 billion at the start of 2022, according to data from Dune Analytics. The fading NFT mania is part of a wider, $2 trillion wipeout in the crypto sector as rapidly tightening monetary policy starves speculative assets of investment flows.

I’m tempted to say this is the least surprising market collapse in memory, but it’s obviously coming as an unpleasant surprise to some people.

★ Friday, 30 September 2022