The NFT market has imploded over the past month, with sales in every single category almost entirely drying up.
NFTs peaked on May 3, when $102 million worth were sold in a single day. The crypto-collectibles market made up $100 million of those sales.
But according to data analyzed by Protos, just $19.4 million in NFT sales were processed in the past week.
Overall, $170 million in NFTs were transacted in the seven days surrounding the market’s top — a near-90% collapse.
About $9.2 million worth of crypto-collectibles were sold in the past week, representing nearly half of the entire NFT market.
Still, the data suggests these NFT fads are fading faster than the others.
Crypto-art NFT market is yesterday’s news
NFTs linked to the so-called “metaverse” — like digital real estate and other virtual artifacts — are actually outselling tokens linked to crypto-art.
The cumulative number of active NFT wallets has also dropped from over 12,000 at each NFT category’s daily peak to just 3,900 yesterday (nearly 70% less).
Over the past week, $3.3 million in metaverse NFTs changed hands while $3 million worth of crypto-art was sold. Those figures include both primary and secondary market sales.
Using daily data, primary and secondary markets for crypto-collectibles are currently the largest ecosystem for NFT sales.
The secondary market for NFTs serving as sports memorabilia is a close third.
Surprisingly, those NFTs are now more popular than crypto-art.
Traders of sports NFTs swapped tokens worth $3.16 million in the past week.
All things considered, the data suggests the NFT bubble lasted just four months — and it popped about this time in May.
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Update 09:38 UTC, June 12: Clarified the number of overall number of daily wallets across categories cited in paragraph 9 is cumulative.