NFTs market is decreasing with a 92% volume decline.
NFTs have made a boom in the cryptocurrency market over the last few years and have become one of the buzzing words among web3, metaverse and others.?
In previous articles in the CryptoGeek Newsletter, you could get some insight into NFTs and where NFTs are being used. I find it essential to talk about NFTs from a different perspective.
In the 3rd - 4th quarters of 2021, when the entire cryptocurrency market was in a bullish cycle, there was a very positive trend in the NFT. In 2021 trading in NFTs hit $17.6 billion. According to a report from Nonfungible.com, it was an increase of 21,000% from 2020.
On the wave of hype, more and more people started entering the market. Many celebrities and powerful businesses also began to enter the market, creating their collections, advertising different NFTs, buying them for thousands and thousands of dollars, utilizing NFTs in blockchain games, and coming up with other different use-cases.?
After the whole cryptocurrency market went into a bearish cycle, we can see that the NFT market dropped way too much. According to the NonFungible website, there are currently 19k daily sales of NFTs from the peak of 225k in September 2021.
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?I am not an analyst, and it is better not to listen to my opinion, but I do not see any problem in this. The NFT market went down after bitcoin and altcoins.?As it always happens, we will see the growth of the NFT market when bitcoin starts to grow. Moreover, with the potential that the NFT has, I believe it will hit new highs in the coming years and continue to grow as the web3 industry is just starting to develop and ?host? more and more companies entering it.?
Have you entered the market as an investor already? Wait out the storm, and everything will sparkle with new colors. Are you planning to enter the market? Then, probably, now is a good time to do that.?
Thanks for reading this article till the end. I would appreciate it if you subscribe and leave some comments or questions if you got some. Next week I will write about what to pay attention to when buying NFTs. So, I will get back very shortly!