NFT sales are declining. Despite brands continuing to launch NFTs, new research shows that the market could be collapsing. According to NonFungible data, the sale of NFTs fell to a daily average of about 19,000 this week—a 92% decline from a peak of about 225,000 in September. Rising interest rates have “crushed” risky bets in the financial markets, with NFTs among “the most speculative.” According to Google Trends, interest in NFTs measured by the number of searches for the term peaked in January, and has fallen 80% since then. Chainalysis data found that there are about five NFTs for every buyer. While many NFT owners are finding that their investments are worth “significantly less” than when they bought them, the largest U.S. crypto exchange Coinbase is still “betting on NFTs.” They launched a beta site last month, with four million people signing up. Users will be able to connect existing wallets to the site, buy and sell NFTs without trading fees, and create NFTs directly through the site. But even with decline in sales, YPulse’s Buying Into Crypto and NFTs trend report found that nearly a quarter of Gen Z and Millennials have invested in NFTs to build wealth for the future. (WSJ)
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