Is Global sales halving meant for NFT Market to lose its charm?

The digital art space showed the potential of technology in regards of bringing change where digital assets listed amount most valued assets

While recalling the journey from emergence of digital currencies to digital assets, blockchain technology to smart contracts, Web 3 and metaverse to defi, Dao and dapps, etc. you will notice that it seems like they have spent this journey with no limits. Their real potential and uniqueness sees no boundaries it seems. From first cryptocurrency bitcoin which was quite unworthy at the time of its launch has later made people think about its revolutionary idea, its usability that resulted into its adoption and hence its staggering and huge value today.

Similarly the digital era which includes the trading of digital assets and non fungible tokens has seen drastic changes in one of those areas. Talking about NFTs, they became one of the biggest earning asset classes and most talked about in cryptocurrency last year. NFT space value has skyrocketed in 2021 but comparatively this year has resulted until today in a downward slope in terms of sales volume that makes it a wonder for all and seeks answer for the doubts if the craze of NFTs is fading.

According to the data of CryptoSlam, the global sales of NFTs have seen a drop after their record heights attained in January, 2022. Although a downturn has also been seen in terms of new and unique buyers and sellers acquisition and hence dragging down the transactions further.

Global sales of NFTs stood at a record level or more than $4.62 billion till January 2022 has downturned and dropped till $2.99 billion till February and in march it went almost half of what it was in the initial month of this year. As far as the ongoing April month is concerned, the global sales are currently at $1.21 billion.

Until now in April, there were about 330,499 unique buyers and 361,198 sellers came in while the total transaction value stood at 2,116,657 according to the available data. The major drawbacks for the investors who are looking to enter crypto and NFT markets are lack of clarity, theft and risks, etc.

After numerous scams and thefts in NFTs space, the sentiments regarding the digital space have dropped drastically. The most high profile theft that shook the blockchain industry would be the case when the Ronin Network was hacked and almost $615 million worth of digital assets were compromised.