Crypto winter continues due to the Terra fiasco and the unbroken of several big crypto lending companies. It seems that the blockchain brethren of cryptocurrency, NFTs, aren’t doing well either.
The crypto winter impacts the highly unstable speculative investments that tokenize digital assets on the blockchain. OpenSea, the biggest NFT marketplace, between May and August 2022, trading has declined 99 percent in the four months. according to data from the decentralized app store DappRadar and reported by Fortune.
Considering the financial numbers of the NFT market its popularity will be declined more. On May 1 approximately $2.7 billion Opensea had transactions but On Aug. 28, it was just over $9.3 million.
For covering their digital pockets, Celebrities and brands, persist to improve NFT projects in hope. Truth in Advertising sent warning letters to several celebrities, such as Justin Bieber and Reese Witherspoon due to hawking NFTs without reasonable exposure to celebrities.
At the MTV VMAs this past Sunday, on that same Aug. 28, Eminem and Snoop Dogg had a performance, they were transformed into 3D models of their respective Bored Ape Yacht Club NFTs, and many questions were made to viewers’ minds after the performance. Over the past few years, celebrities have forayed into the NFT space. Snoop Dogg is interested and participating in NFT by selling NFTs of his latest album earned $44 million just earlier this year. Earlier this year NFTs also have a different situation. The value of Bored Ape Yacht Club NFT, is one of the most popular NFT projects that have declined. Although for a Bored Ape NFT on April 30, the minimum price was 154 ether, on Sept. 2, the minimum price was around 75 ether, meaning more than a 50 percent decline in value. Also, the value of either has decreased, from about $2,800 in April to $1,500 in September.
This downturn exists in other NFT marketplaces not only on opensea. One of the largest crypto exchanges in the U.S is Coinbase which started its NFT marketplace in May. It can not get success in real traction and often records around a low five figures in sales per day. in July, Video game retailer Gamestop also began its NFT marketplace with the same activity.
the studio with the hugely popular video game Minecraft declare that it would not get pertained to NFTs.
