According to reports, the NFT market has officially crashed after just four months of growth.
On may May 3, the NFT market reached a peak with $102 million USD worth of Non-Fungible Tokens sold just that day. But looking at sales data from the last week of May, only $19.4 million USD in NFT sales was processed. Compared to the $170 million USD in NFTs transacted the week of the peak, the market saw a 90 percent drop.
Although NFT collectibles like CryptoPunks and Hashmasks are still going strong, there looks to be a shift from crypto-art to “metaverse” NFTs.
It is also important to note, the number of active NFT wallets has dropped from over 12,000 at each NFT category to just 3,900.
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