NFT Inspect, a popular research tool for determining the worth of a non-fungible token (NFT) and the size of its community, will shut down on January 17, according to a tweet from the project.
“After months of working and reworking, we’ve come to the difficult conclusion that we cannot maintain Inspect going forward,” the team tweeted. “We want to sincerely thank each and every one of you for your support over the rollercoaster of this last year.”
NFT Inspect enables Crypto Twitter users to monitor the NFTs used in the profile pictures of the most prolific tweeters. It enables researchers to determine whether NFT projects are “in” with Crypto Twitter’s hip crowd and flag changes. The decision to terminate the project is a result of the declining market interest in NFTs.
According to a recent research from NonFungible, the global trading volume of NFTs dropped 77% to $1.7 billion in the third quarter of last year, compared to the second quarter. During the period, an 84% decline in resale profit was noted, according to the research.
According to data from CryptoSlam, approximately $650 million worth of NFTs were sold in December, compared to $2.6 billion in December 2021.
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