Are NFTs Drowning Or Sailing In The Sales Volume?

The NFT industry has witnessed a lot of changes in the year, with Q1 indicating a low performance.

But data highlights numbers and seems like it is gaining traction again.

The NFT industry has grown immensely, with more and more projects emerging in recent times.

In recent years, the Non-Fungible Token (NFT) industry has grown by leaps and bounds and has made a significant position among digital artists, creators, and collectors. But a recent report signifies the downturn in Non-Fungible Tokens (NFTs) sales.

And this has given birth to worrying NFT market sentiments, which were revoked after considerable recent performances.

A report by Nonfungible regarding the NFT market performance in Quarter 1 of 2022. The report led to many questions raised if the NFTs frenzy is gradually depleting. Q1 has witnessed an approximately 46% drop in the number of NFT sales.

And the daily average sales have seen a fall to 19,000 weekly, which was at its peak of around 225,000 in September 2021, and this is a decline of about 92%. In Fact, the number of NFT purchasers has also declined by around 30%.

This report somewhat suggests a serious review about the NFT marketplace in Q1 2022. Despite all this, another data by CryptoSlam suggests that a trend that differs slightly as now is the month of May.

But Are They Yet To Steal The Show?

The last month has witnessed various prominent blockchains handling astronomical NFT sales volume. Ethereum, Solana, Flow, Polygon, and Avalanche are the leading ones.

The Ethereum blockchain saw a 66% surge in NFT sales, standing at $3.9 billion. A reason that could be associated with it is the recent popularity of Otherdeeds and Moonbirds collections which have their total sales valued at $1.3 billion.

Whereas if we talk about Solana, it gathered a sales volume of $325 Million following an increase of 50%. Okay Bears and DeGods are the significant NFTs on this network and are valued at about $100 Million.

It seems like the NFT sphere is recovering now, but it is to look forward to how the NFT market will perform in the future.