According to reports, after just four months, it is quite apparent that the NFT market has officially crashed.
On may May 3, the NFT market reached a peak with $102 million worth of Non-Fungible Tokens sold just that day. But looking at sales data from the last week of May, only $19.4 million in NFT sales was processed. Compared to the $170 million in NFTs transacted the week of the peak, the market saw a 90 percent drop.
Despite all this, NFT collectibles such as CryptoPunks and Hashmasks are still going strong, but there looks to be a shift from crypto-art to “metaverse” NFTs.
Moreover, the number of active NFT wallets has dropped from over 12,000 at each NFT category to just 3,900.