{"id":1463095,"date":"2022-05-04T07:29:55","date_gmt":"2022-05-04T11:29:55","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1463095"},"modified":"2022-05-04T07:29:57","modified_gmt":"2022-05-04T11:29:57","slug":"nft-market-shrinks-92-since-peak","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nft-market-shrinks-92-since-peak\/","title":{"rendered":"NFT Market Shrinks 92% Since Peak"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnft-market-shrinks-92-since-peak%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1463095&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Sales of nonfungible tokens (NFTs) have declined 92% since their peak last year.<\/p>\n<p>That\u2019s according to data from website <a target=\"_blank\" rel=\"noopener\" class=\"link-external\" href=\"https:\/\/nonfungible.com\/\">NonFungible<\/a>, collated by the <a target=\"_blank\" rel=\"noopener\" class=\"link-external\" href=\"https:\/\/www.wsj.com\/articles\/nft-sales-are-flatlining-11651552616\">Wall Street Journal<\/a>, which shows that NFT sales fell to a daily average of about 19,000 this week, down from 225,000 in September.<\/p>\n<p>The number of active wallets in the NFT market also fell significantly, the data shows: down from 88% to about 14,000 last week from a high of 119,000 in November.<\/p>\n<p>Interest in NFTs also seems to have declined significantly, it\u2019s claimed. According to <a class=\"link-relationship\"> Google [249 articles]&#8221; href=&#8221;https:\/\/www.videogameschronicle.com\/companies\/google\/&#8221;>Google<\/a> Trends, searches for the term peaked in January and have fallen around 80% since.<\/p>\n<div class=\"vgc-video\">\n<div class=\"vgc-video__header\">\n<h3>Ubisoft Quartz &#8211; announce trailer<\/h3>\n<\/div>\n<\/div>\n<p>NFTs are unique non-interchangeable units of data stored on a blockchain (a form of digital ledger), which effectively allow users to own, buy and sell digital items such as in-game items or artwork.<\/p>\n<p>Mention of the tech surged last year when many major companies and celebrities launched their own initiatives, including Nike and McDonald\u2019s.<\/p>\n<p>Numerous game companies have also started selling digital items as NFTs, including\u00a0<a class=\"link-internal\" href=\"https:\/\/www.videogameschronicle.com\/news\/konamis-debut-nft-auction-earned-over-162000\/\"><strong>Konami<\/strong><\/a>\u00a0and\u00a0<a class=\"link-internal\" href=\"https:\/\/www.videogameschronicle.com\/news\/atari-is-celebrating-its-50th-anniversary-by-combining-nfts-with-lootboxes\/\"><strong>Atari<\/strong><\/a>, though this has attracted criticism from some due to the format\u2019s high carbon footprint and what many perceive to be cynical implementation.<\/p>\n<p>However, <a target=\"_blank\" rel=\"noopener\" class=\"link-external\" href=\"https:\/\/www.wsj.com\/articles\/nft-sales-are-flatlining-11651552616\">WSJ<\/a> reports that many NFT owners are now finding their investments are worth a lot less than what they purchased them for.<\/p>\n<p>An NFT of the first tweet from Twitter co-founder Jack Dorsey, which was purchased in March 2021 for $2.9 million by Sina Estavi, the CEO of Malaysia-based blockchain company Bridge Oracle, was put up for auction earlier this year and <a target=\"_blank\" rel=\"noopener\" class=\"link-external\" href=\"https:\/\/www.wsj.com\/articles\/jack-dorsey-tweet-nft-once-sold-for-2-9-million-now-might-fetch-under-14-000-11650110402?mod=article_inline\">didn\u2019t receive any bids above $14,000<\/a>.<\/p>\n<figure class=\"alignnone\"><img alt=\"NFT sales \u2018have declined 92% since their peak\u2019\" class=\"alignnone lazyload\" data-srcset=\"\/files\/2022\/01\/unnamed-e1641461794304-320x229.jpg 320w, \/files\/2022\/01\/unnamed-e1641461794304-480x344.jpg 480w, \/files\/2022\/01\/unnamed-e1641461794304-768x551.jpg 768w\" data-sizes=\"auto\" src \/><\/figure>\n<p>Estavi reportedly claimed the failure of the auction wasn\u2019t a sign that the NFT market flatlining, but \u201ca normal fluctuation that could occur in any market\u201d.<\/p>\n<p>Another NFT based on rapper Snoop Dog, which was sold in early April for about $32,000, is reportedly now up for auction with an asking price of $25.5 million \u2013 but the highest current bid is about $210.<\/p>\n<p>According to the Game Developers Conference\u2019s annual\u00a0<a target=\"_blank\" rel=\"noopener\" class=\"link-external\" href=\"https:\/\/reg.gdconf.com\/state-of-game-industry-2022\">State of the Game Industry Report<\/a>, which asked over 2700 game developers about their work, the majority of those surveyed\u00a0<a class=\"link-internal\" href=\"https:\/\/www.videogameschronicle.com\/news\/the-majority-of-developers-have-no-interest-in-nfts-survey-finds\/\">have no interest in NFTs<\/a>.<\/p>\n<div class=\"signoff\">\n<style scoped>.cls-1{fill:url(#linear-gradient)}.cls-2{fill:#fff}<\/style>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sales of nonfungible tokens (NFTs) have declined 92% since their peak last year.That\u2019s according to data from website NonFungible, collated by the Wall Street Journal, which shows that NFT sales<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1463095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1463095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1463095"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1463095\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1463095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1463095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1463095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}