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NFTs plummet by millions

Some of the multi-million dollar NFTs in the CryptoPunk collection or the first tweet on Twitter are now being bought at dozens of times discounts.

Transaction data on CryptoPunk.app shows that 273 CryptoPunk NFTs fell from a record $1.03 million on October 19, 2021, to $139,800 on May 8. At $253,000 on the day, the value of NFTs is still down nearly 5x from last year.

Launched in 2017, the CryptoPunk Collection has grown in popularity since the NFT craze in the middle of last year. It consists of 10,000 NFTs, which are pixel characters, built on the Ethereum blockchain, with prices ranging from a few hundred dollars to millions. In particular, CryptoPunk #7523 was purchased for $11.75 million at Sotheby’s London in June 2021.

In mid-April, the first tweet of NFT Twitter founder Jack Dorsey was also listed at a top price of just $280, while the owner, Sina Estavi, CEO of Malaysian blockchain firm Bridge Oracle, was acquired. . $2.9 million. Currently, NFTs continue to push the price higher but remain at $24,000.

This is the second time Estavi has not auctioned NFT tweets. Earlier this year, he did the same but only received a top bid of $14,000, even though he predicted NFTs would hit $50 million. However, he believes that the NFT market has yet to show any signs of falling.

Also in April, an anonymous user paid $32,000 for an NFT called Doggy #4292 released by artist company Snoop Dog. The person then offered to sell it for $25.5 million, but the current maximum payment is only around $200.

A Financial Times analysis of OpenSea data found that the price of Bored Ape, a collection of ape-shaped NFTs owned by many celebrities, has fallen 44% since the end of February. Several other collectibles were also affected. Similar discounts.

According to NonFungible data, the NFT market has been declining since the end of 2021. There were 19,000 daily NFT transactions last week, down 92% from a peak of 225,000 in September last year. The industry’s global revenue also nearly halved, from $4.6 billion in January to $2.4 billion in March.

Interest in NFTs is also waning. According to Google Trends, searches for content related to the topic are now down 80% from their January peak.

While the NFT market has lost its appeal, some investors see it as just a necessary step back after a period of overheating. “I will never regret buying NFTs,” Sina Estavi told the Wall Street Journal when asked about how it felt after two failed auctions. “NFTs are still a growing market, and it’s unpredictable what it will look like in a few years.”

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