Report: NFT Trading Volume Collapses 97 Percent from January High

The trading volume of non-fungible tokens (NFTs) has cratered by 97 percent from a record high in January 2022 according to Bloomberg.

Bloomberg reports that the trading volume of NFTs has tumbled by 97 percent from a record high in January. NFTs are usually digital art and collectibles recorded on blockchains, creating a transparent record of who owns the digital item.

The trading volume of NFTs slid to just $466 million in September, down from $17 billion at the start of 2022, according to recent data compiled by Dune Analytics. It would appear that the waning popularity of NFTs is part of a wider, $2 trillion wipeout of the cryptocurrency market as tightening monetary policy has starved speculative assets of investment flows. The downturn is commonly referred to as a “crypto winter.”

In August, Breitbart News reported that while NFTs appeared to once be the most popular new trend in the crypto space, with the bull market of 2021 fueling a huge surge in popularity of NFT projects such as the Bored Ape Yacht Club collection and many more, the fad appears to have died down.

In August, trading volume on the most popular NFT marketplace, OpenSea, was down by 99 percent compared to the previous May. At the beginning of May, Opensea processed a record $2.7 billion in NFT transactions, but just a few months later the marketplace recorded just $9.34 million worth in a single day, according to data from DappRadar.

The floor price of the Bored Ape Yacht Club NFT collection fell 53 percent to 72.4 Ether ($110,000) as of August from a high of 153.7 Ether on April 30. A spokesperson for OpenSea said that it disagrees with DappRadaer’s methodology, claiming that the 99 percent swing compared the site’s all-time highest trading day with one of its lower days.

Read more at Bloomberg here.

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan