NFT Art Sales Peak at $881M in 2021 however Decline by 98% in April 2023

The non-fungible tokens (NFT) artwork market has been a curler coaster trip for the previous few years. As an example, the sector had an explosive 2021, with artists promoting their digital works for astronomical quantities. Notably, the artist Beeple offered his digital art work “Everydays: The First 5000 Days,” for a staggering $69 million, making a buzz that attracted many artists to the house.

Nonetheless, the market has since cooled off. BanklessTimes.com stories that NFT artwork gross sales peaked at $881M in September 2021. However, in April 2023, it declined by a steep 98% to roughly $15B. This plunge has raised questions concerning the sustainability of the NFT market.

Causes of the Declining NFT Art Sales

One attainable reason for this decline is that buyers have grow to be cautious of investing in NFTs resulting from their excessive volatility and lack of regulation. Moreover, with extra folks changing into conscious of the dangers related to investing in NFTs, there could also be much less curiosity from potential patrons and buyers.

Moreover, the novelty issue of NFTs has worn off. This may very well be resulting from an absence of recent content material being launched or as a result of folks have grow to be extra acquainted with how they work and don’t see them as being as thrilling anymore.

BanklessTimes CEO Jonathan Merry concurs that the shift in NFT market tendencies might be attributed to the speedy inflow of artists and collectors within the house. He defined:

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