NFT Sales Declined By 90% Since Market Peak: Analysis

NFT sales declined by 90% since their peak and the sharp drop and wallet activity came after people proclaimed the death of the nonfungible token space so let’s read more in our latest crypto news today.

The nonfungible token wing of the crypto industry declined rapidly and even faster than the broader market in the past month after the NFT sales showed a sharp drop since their peak in May. The data by Protos paints shows a picture of the market in the midst of implosion as the sales on all categories are declining fast. After the $102 million worth of NFTs were sold in one day on May 3^rd  whereas $19 million were sold over the past week. The number of NFT wallets is showing signs of activity on a daily basis which is also 70% since May after falling from 12,000 to 3000 NFT sales and wallet movements.
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Crypto collectibles were among the most purchased NFTs during the market peak and so it remains today but it did drop by 66% over the past month. The second most popular NFT category relates to the sports token which shows the most resilience during the market drop as the wallets declined by 55% since May. The data from NonFungible.com shows collectibles and sports tokens to process more volume over the past week, making up to 40% of the total NFT volume. Some of the other analyses show that the NFT bubble already burst and they wrote and the bubble lasted for four months.

NFTs provoked equal parts of hype and confusion when they emerged as the latest craze on the market this year, after following the footsteps of the tokenization movement in the ICO phase and DEfi yield farming. Depending on the optimism, NFTs were the hottest new tech invention that emerged from the blockchain industry while some considered it as a scourge on the crypto space with no value and lots of noise.

As reported earlier, The Australian tax office expects to prompt up to 300,000 crypto investors to report the capital gains and the agency warned that crypto and NFT investors are still subject to normal capital gain taxes. The office also warned that most investors are in for a surprise if they don’t report their gains or believe that they are only taxable when the holdings are cashed back into Australian dollars. Instead, the regulator said that the investors face capital gains taxes even when they exchange one crypto for another. In the announcement today, the agency said it noticed a huge increase in trading activities with more than 600,000 people having invested In digital assets in the past few years.