The NFT marketplace peaked on May 3, when $102 million worth were sold in a single day. Crypto-collectibles accounted for $100 million of those sales, but according to data analyzed by Protos, just $19.4 million in NFT sales (including $9.2 million in crypto-collectibles) were processed in the past week: a near-90% collapse from the market’s peak just one month ago.
This is clearly bad news for collectors of crypto-collectibles, and you will hear lots of people proclaiming that “NFTs are dead!” Remember: an NFT is a specific type of smart contract. While all crypto-collectibles are NFTs, not all NFTs are crypto-collectibles. Smart contracts are a core component of decentralized finance (DeFi) transactions, and the world of DeFi is just getting started.
I’ve written an eBook called Blockchain – Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance to help you evaluate the wide range of emerging DeFi opportunities. Considering today’s news, it’s a timely read.
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Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it. I am not a financial advisor. Nothing in this article should be considered financial advice. If you are considering any type of investment you should conduct your own research and, if necessary, seek the advice of a licensed financial advisor.