Pundits say crashing floor prices and sell volume signal that ‘the NFT market has died’ By Cointelegraph
Nonfungible tokens (NFTs) dominated crypto and mainstream media headlines all throughout 2021 as investors who held CryptoPunks and other projects minted prior to 2018 were finally rewarded for their patience. Some of the rarer items from older projects, such as Art Blocks Curated and Bored Ape Yacht Club, were sold for multi-millions of dollars.
Despite the million-dollar sales for select one-of-a-kind NFTs and the record-breaking sell volumes on marketplaces like OpenSea, data shows that a majority of the lower-priced NFTs and lesser-known projects in the market do not accrue value and this means that the sector is rather illiquid. Using data from OpenSea, a recent report from Bloomberg found that 73.1% of NFT assets had only one transaction in the past 90 days.
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