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The Number of NFTs Sold in Q3 Plunged by 60% Compared to Q2

The Number of NFTs Sold in Q3 Plunged by 60% Compared to Q2

DappRadar, a blockchain tracker, reports that NFT sales dropped precipitously in the third quarter as cryptocurrency investors prepared for a “crypto winter,” and there is little sign of any increase in demand.

While sales volumes have fallen recently, they gained immense popularity in 2021 as wealthy cryptocurrency investors took advantage of increasing prices.

The Staggering Difference

Compared to $8.4 billion in the second quarter of 2022 and $12.5 billion at the second quarter’s high, NFT sales in the third quarter were $3.4 billion.

Several factors contributed to the growth of the NFT industry in 2021, including the rise of cryptocurrency prices and investors’ willingness to accept high-risk investments. However, these factors have changed dramatically since 2022 due to an increase in central bank rates that causes investors to sell off hazardous assets. Currently, bitcoin is trading at about $19,000, down from its November high of $69,000.

 

OpenSea, the world’s largest NFT platform, reported a decline in sales in September

According to Devin Finzer, CEO of OpenSea, “I believe it’s a unique time to be in this sector as macroeconomic slowdown meets crypto winter.” It is prudent to consider how long this may endure since “the prior crypto winters were a bit more isolated to only crypto pricing.”

The weekly number of NFT buyers has more than halved since the start of the year, according to market watcher NonFungible.com.

Despite the craze’s early embrace by the traditional art market, sales have plummeted. Earlier this year, Christie’s, Sotheby’s, Phillips, and Bonhams sold 127 million pounds worth of NFT at Christie’s, Sotheby’s, Phillips, and Bonhams. But this year, combined sales at the four auction houses have equaled 8.4 million pounds ($9.41 million).

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