The number of unique non-fungible token (NFT) buyers in February dropped to 843,000, in what data aggregator CryptoSlam calls a “mini-bear market.”
See related article: Wash trading in NFT marketplace LooksRare can inflate prices: analysts
Fast facts
- February’s NFT market had a 7% month-over-month drop in buyers from the all-time high set in January.
- February also saw a 36% decline in sales volume from January’s US$4.4 billion, which was just short of the US$4.5 billion record sales set in August.
- With uncertainty clouding over global markets due to the crisis in Ukraine, many NFT investors are hoping the new digital asset class can prove itself as a worthy option, just as crypto did for investors during the Covid-fueled March 2020 market crash.
- “Historically, NFT bear markets are very short-lived, and given the 70x of NFT sales since Nov. 2020, a cool off is expected,” CryptoSlam chief marketing officer Yohann Calpu told Forkast.
- “Culture, music, art, gaming, and collectible NFTs are about to stand a test in market conditions, one which will be another defining point in time like March 2020,” Calpu said.
See related article: LooksRare trails OpenSea in sales volume as developers cash out $30M
