NFTs Are No More? Really?

• During Sunday, only $52 Million worth of NFTs were traded on the biggest NFT marketplace, OpenSea.
• Lower acquisition means precipitous falls in NFT values. After experiencing a mammoth initiation price of $400K during April, BAYC are now going half of that.
• Compounding the anarchy, NFTs are falling right along with Bitcoin as well as Ethereum. BTC dropped under $28,000 for the initial time since 2018.

OpenSea Witnessed Downfall in Trading Volume

Biggest NFT marketplace, OpenSea witnessed poor sales on Sunday, with just $52 Billion worth of non fungible tokens traded on the platform. This is the minimum trading volume the marketplace has witnessed since December and a subsequent downswing from April, when trading went under $100 Million on a few occasions.

Lesser purchasing means precipitous falls in NFT prices. After experiencing prominent value of $400,000 during April, Bored Ape Yacht Club price got cut into half. Similar patterns were witnessed in some great collections too. MoonBirds witnessed $45,000 from its April high of $110,000, while World of Women backed by Reese Witherspoon is $10,000, bumped from $34,000.

Compounding the anarchy, NFTs are freefalling right along the crowned crypto asset Bitcoin, and Ethereum too.

There is a component of overzealous confirmation bias here. Folks cite a drop in total NFTs bought as Non Fungible Tokens bought as evidence of the great fall, not aware that money is moving to a minor cluster of exploding NFTs instead of distributed amount amongst thousands of inexpensive ones.

During April, traders were, as an instance, acquiring on Bored Ape for $400K instead of distinct NFTs worth $4,000 per piece.

If NFTs were up, they would practically be only thing that was. Nasdaq was down by 20% in previous month. In contrast to this day previous month, Amazon and Apple were down 30% and 12.5% respectively.

Bored Ape Yacht Club’s above mentioned price was downed by half, putting it at the position where Netflix stands. Woes compounded by losing subscribers for the initial time ever, share price of streaming mammoth has halved over previous month.

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There’s Still Plenty Of Life in NFTs

NFT fortunes are in several ways encapsulated by Otherside, an upcoming metaverse associated with the Ape NFTs and is created by Yuga Labs, founders of the Bored Ape Yacht Club. The organization landed the first airdrop on 30th April where they experienced $1 Billion worth of virtual land deeds in just 10 days.

It is difficult to say that NFTs are actually dead when the greatest ever trading happened during previous couple of weeks.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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