The NFT market bubble has popped and we’ve got the charts to prove it
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.
NFT collectibles (like CryptoPunks and Hashmasks) have so far proven the most resilient and still the biggest of the seven markets ranked by NonFungible.com.
About $9.2 million worth of crypto-collectibles were sold in the past week, representing nearly half of the entire NFT market.
[Read more: NFT collector shares sad videos of Christie’s $17M CryptoPunk auction]
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.
[Read more: SEC likely finds MetaKovan’s Beeple-backed crypto very ‘interesting’ — here’s why]
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.