NFT demand going down, data reveals

According to Alex Thorn, head of Firmwide Research at Galaxy Digital, there are clear indications that the demand for NFTs has been steadily going down. After NFTs all-time high record last August, it seems that investors’ interest in these digital assets is waning. 

The NFT demand had significantly slowed down in the last three days, trading volumes had not even exceeded $100 million. To put that into perspective, the NFT trading record at the end of August was $500 million, and that amount was achieved in just a single day. 

And Thorn said that since September started, the daily trading volumes of NFTs have steadily declined every day. 

A not so good September

On September 1 and 2, the NFT marketplace was near $300 million, while after September 10, it has not even reached the $100 million mark. This situation was unthinkable last August 29, when NFT trading volumes were hitting (and even surpassing) $500 million on a daily basis. 

Indeed, August was a milestone month for NFTs as they have made impressive records. In fact, OpenSea, an NFT peer-to-peer marketplace, has achieved an astounding feat by hitting a $1 billion trading volume record. 

But even with its clear decline this month, NFT assets have already gained a foothold in various industries such as sports, showbiz, music, among many others, making its presence felt in multiple circles. 

Also, it is almost certain that NFTs will make a rebound soon as it has already proven its capability to generate buzz and revenues, which makes it appealing to athletes, musicians, and celebrities. 

Smitten by NFTs

NFTs have been very active lately in the field of sports, where it has struck deals with numerous star athletes and the most popular teams in the world. 

Tiger Woods, Tony Hawk, Tom Brady, and Naomi Osaka are just some of the top athletes who have ventured into NFTs to provide their fans with exclusive offerings and new collectibles. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/nft-demand-going-down-data-reveals/