The NFT market is flatlining

Psst… hey… wanna buy NFT? Of course, you don’t, and many others seem to have lost interest with you. According to website NonFungible, general interest in the NFT market seems to be droppin’ like it’s hot (you’ll get the reference later).

Ah yes, NFT. It’s new, it’s grand, it opens up doors to sooooo many possibilities. And it’s also tanking. If we’re to believe NonFungible, NFT sales have dropped to an all-time low already. On average, 19,000 sales were reported this week, which seems like plenty, but really isn’t. Back in September, NFT were still going strong with 225,000 weekly sales. That’s quite the drop.

Same goes for active wallets in the market. In November, 119,000 active wallets were accounted for. As of today, only 14,000 of them are still around. Ouch. This trend is also happening on Google Trends, where the term was still booming in January. Right now, the searches for NFT have fallen around 80%, or so it is claimed.

People who have invested in NFT and who’re trying to sell are experiencing the fallout. Remember that $2.9 million NFT of Jack Dorsey’s first tweet? Sina Estavi – CEO of blockchain company Bridge Oracle – thought he could make a quick buck with that one. But he was in for a rude awakening when bids didn’t even exceed $14,000.

And in regard to that reference earlier, Snoop Dogg and the NFT based on him. Fo shizzle, millions of Snoop Puppiez oughta be interested in owning that, right? Well… no. Once worth $32,000 back in April, that NFT didn’t really age well, too. Its owner was under the impression that a $25.5 million price tag was befitting, but potential buyers went ‘hell nah’ and stopped bidding at $210. Which is funny, cuz that’s half of 420. Get it? 420?

Ah… don’t you just love it when democracy works?