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3 figures on the fall of the NFT market

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After a particularly prosperous start to the year, bad news followed on the NFT market. Faced with these difficulties, the major NFT trading platforms have even created a new profession to try to convince new investors. To allow you to see more clearly, we have chosen to draw up an initial assessment of 2022 through three figures that are very revealing of the difficulties of the sector.

97%: the drop in NFT trading volume

This is an alarming study reported to us by Bloomberg. According to data from Dune Analytics, NFT trading volume increased from $17 billion to $466 million from January to September. It is therefore a sudden drop of around 97% that has occurred.

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To arrive at these results, the analysts only consulted the figures on the main exchange platforms such as OpenSea, Foundation, NFTX, LarvaLabs, LooksRare, SuperRare, and Rarible.

$1 million: the sum stolen from an NFT trader

Jason Falovitch, a former sports manager turned crypto-asset trader, announced the bad news on his Twitter account last Sunday. Four NFTs from his wallet were stolen. He estimates that this hack will have cost him the equivalent of a million dollars in total.

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Beyond this news item, this case highlights the security problems that have appeared during the year in this sector. Many thefts have thus been identified, and this could ultimately deter individuals from investing in non-fungible tokens. We think in particular of this hacking of the Instagram account of Bored Apes Yatch Club which allowed a fraudulent link to be sent to users in order to steal their digital assets.

8%: the decline in value of Bored Apes Yach Club NFTs

These visuals have become the emblem of NFT. The Bored Ape Yacht Club have seduced many celebrities who have found in this purchase a form of social distinction. And as a symbol of the sector’s difficulties, the value of this collection has been falling in recent months. This decrease is 8% over the last week, according to Gizmodo. Thus, the latter now cost less than CryptoPunks, or even Terraforms.

Source: Presse-Citron

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