NFTs enter ‘mini-bear market’ as buyers drop to three-month low

Lachlan Keller

2 years ago

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.”

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.