According To The Latest Information, The Volume Of Non-Fungible Tokens (NFT) Transactions Has Decreased By About 97% Since The Beginning Of 2022.

According to crypto analysis data, people in the crypto market have faced more difficulties receiving money after selling their NFTs. Trading volume for non-fungible tokens fell from $17 billion to $466 million from January to September of this year, a whopping 97 percent drop in just nine months, Bloomberg first reported based on data from Dune Analytics. Data is collected from NFT trading platforms, including OpenSea, Raible, SuperRare, LooksRare, LarvaLabs, NFTX, and Foundation.

This figure makes current trading even lower than since July last year before the NFT craze started. These data are published while the volume of transactions on OpenSea, the largest NFT trading platform in terms of volume, has decreased by 75% compared to the previous two months.

What’s interesting about Hildobby’s data from Dune Analytics’ user count is that while the number of NFT trades has decreased, the total number of traders hasn’t fallen nearly as much.

The number of traders in September this year was more than 42,000 people, while at its peak in March, it was more than 66,000 people.

However, DappRadar data shows that the number of OpenSea users has decreased by about five percent this month. A large part of this record probably has to do with the decline in popularity of the Bored Ape Yacht Club. However, the series continues to occupy the minds of celebrities such as Paris Hilton and Jimmy Fallon. The world of these tokens is now in subcategories like Terraform and CryptoPunks.

According to data from Hildobby, Bored Apes NFTs had a trading volume of 3,634 Ether (ETH) during the week, while Terraforms had a trading volume of 12,202 Ether. According to NFT Price Floor, the market value of BAYC tokens has decreased by more than eight percent, and of course, we have seen a very slight increase in the value of these tokens in recent days.

According to Gizmodo, almost $2 trillion has been lost since the cryptocurrency market crashed last May and entered digital currency winter. It is accurate as CoinMarketCap data on companies such as ApeCoin and Tezos shows that both have remained relatively flat compared to their spring 2022 price peaks.

In addition, users continue to witness significant hacks of their cryptocurrency accounts.

Jason Falovich, a former sports director at Shell Crypto, which sells NFT projects on behalf of Mark Cuban, said four NFTs, believed to be worth $150,000, were stolen from his digital wallet on Sunday. He later announced on his Twitter account that more than $1 million in ETH and NFT had been hacked from his account.

OpenSea continues to strive to attract more people to the NFT business. This platform is trying to encourage more people to buy and sell non-exchangeable tokens by adding the Optimism blockchain network to the list of supported networks. Of course, new trading platforms like GameStop’s NFT got out of beta with an influx of new users in July, but that boom quickly waned. The company’s NFT platform’s daily revenue reached less than $4,000 in late August.

This news makes the late attempts by many companies to cash in on the heated NFT market seem even more ridiculous now. The issue is that more and more companies are trying to implement NFTs on their platforms and not call them NFTs.

Starbucks recently explained about its NFT platform but called them Stamps. Reddit also introduced collectible avatars in July, but the company’s executives refrained from even referring to the NFT’s name in their promotional materials.