NFT sales have dramatically dropped, but analysts believe that this is still not the end for digital collectibles
, the monthly trading volume of non-fungible tokens plunged to 16-month lows even as market participants emphasized that the digital collectibles are not dead.
Per CryptoSlam data, the NFT sales volume dropped to around $550 million until the end of September. So far in October, the sales number is still below the $190 million mark, although almost half of the month has passed.volume looks similar to that of May and June 2021, according to CryptoSlam data. Similarly, the price of the average sales is down to roughly $81, which was just below the $500 mark this time last year.
According to the data, most NFT sales happened at the start of 2022. Data shows that the total amount of sales in January are over $4.7 billion with more than 1.07 million unique buyers and 860,000 unique sellers.Many NFTs lost part or most of their value in the past 10 months. For example, Logan Paul — known for having physical and digital collectibles — purchased an NFT for $623,000 which is now worth only $10.
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