OpenSea monthly NFT sales nosedive 60% in Q3
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Non-fungible tokens (NFTs) took the world by storm in 2021 but have since witnessed a major drop in interest as their sales volumes keep decreasing, caught in a difficult period along with the rest of the cryptocurrency industry. Indeed, the sales of NFTs on OpenSea – the largest marketplace for digital collectibles – plummeted in the third quarter of 2022.
In late September, Finbold reported on NFT monthly trading volume declining for the fifth consecutive month, crashing 97% since its peak in January, and ending up at barely $466 million in September, as per Dune Analytics information. Earlier, in August, data had shown that the NFT trade activity in the second quarter had already plummeted 40% as the interest in digital collectibles dwindled amid significant challenges faced by the crypto sector. At the same time, it was also revealed at the end of August.
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