Digital Art Market seemed to be unstoppable just about some weeks ago and it can not be denied that throughout the month of February, the NFT craze was in full spotlight. The spike managed to reach its peak record settling at $69 million Beeple auctions. Moreover, even the CEO of Tesla, Elon Musk shared a tweet regarding selling his NFT.
Digital Art Market NFTs Plunges After Reaching ATHs
The Digital Art Market has witnessed a continuous downward slope since the novelty started to wear off and the speculators moved on.
Sales statistics across online marketplaces for NFTs, digital art and collectables have relinquished incautiously, potentially revealing the truancy of organic demand in the NFT space.
In accordance with the latest revelations of the figures from NonFungible, the average daily value of the total NFTs sold across online marketplaces fell from $19M to $3M on March 25th.
This represents a downfall of around 85% and in addition to this, other major metrics have shown alarming signs.
Talking about the last week alone, the total number of sales and distinct buyers fell by 30% and 35%, respectively, and these surprising figures have ultimately left the spectators and market contestants in doubts.
There are questions in minds of the speculators and market contestants whether the NFT space is experiencing a temporary setback or if the hype was just a flash.
NBA Top Shot Strengthens Despite Worrying Indicators
An NFT marketplace for NBA trading cards NBA Top Shot has witnessed the total value of Non-Fungible Tokens in propagation shed $800 million. It fell from a spike of $1.85 billion to $1 billion.
In accordance with data released by a leading market data analyst, the overall value of sales has gone through a likewise fall, as the demand saw a decline on the secondary market.
Dapper Labs, the parent company behind NBA Top Shot recently managed to raise $305 M in funding, which is not small by any measure.