{"id":485133,"date":"2022-03-04T07:09:52","date_gmt":"2022-03-04T07:09:52","guid":{"rendered":"https:\/\/wncen.com\/?p=485133"},"modified":"2022-03-04T07:09:52","modified_gmt":"2022-03-04T07:09:52","slug":"nft-market-records-decreasing-number-of-buyers-is-the-nft-hype-dying","status":"publish","type":"post","link":"https:\/\/wncen.com\/nft\/nft-market-records-decreasing-number-of-buyers-is-the-nft-hype-dying\/","title":{"rendered":"NFT Market Records Decreasing Number Of Buyers &#8211; Is The NFT Hype Dying?"},"content":{"rendered":"<p>The last few months have been turbulent for the NFT market, and the numbers point to a sluggish trend in terms of interested buyers.<\/p>\n<p>The number of unique non-fungible purchases fell below 800,000, snapping a three-month trend, in what data aggregator CryptoSlam refers to as a &#8220;mini-bear market.&#8221;<\/p>\n<p>According to CryptoSlam data, the number of unique NFT buyers decreased by 13% in February from the previous month&#8217;s record. This is the first time since October that buyers will go below the 800,000 level.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Article | <a href=\"https:\/\/wncen.com\/news\/defi\/nft-activity-on-ethereum\/\">NFT Vs. DeFi: NFT Activity On Ethereum Rises While Bitcoin Demand On DeFi Falls<\/a><\/em><\/strong><\/p>\n<p>During a bear market, an asset&#8217;s price drops for an extended period of time A bear market or bear market correction has occurred when stock prices have declined by at least 25% from recent highs.<\/p>\n<p>February also experienced a 40% fall in sales volume from the previous month&#8217;s US$4.4 billion, which fell just shy of August&#8217;s record US$4.5 billion.<\/p>\n<h2>NFT Market Put To The Test<\/h2>\n<p>With uncertainty surrounding global markets as a result of the current Ukraine conflict, many NFT investors are hoping the new digital asset class can demonstrate its usefulness to investors in the same way that bitcoin did during the pandemic-induced market collapse in March 2020.<\/p>\n<p>As a result of the decline in NFT trading volumes, blockchain networks that service NFTs have seen a decline in sales volume. Only two of the 12 networks, according to CryptoSlam, have witnessed growth in the last 24 hours.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/2GN0R0Jl\/\" width=\"1530\" height=\"816\"><\/p>\n<pre style=\"text-align: center\">Total crypto market cap at $1.792 trillion in the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<p>Arbitrum and Flow both gained 538% and 20%, respectively. The remainder of the market, which includes Avalanche, BSC, Solana, Ethereum, and Cronos, posted losses.<\/p>\n<p>&#8220;Historically, bear markets in NFT have been brief, and with the 70x increase in NFT sales since November 2020, a cooling off is expected,&#8221; CryptoSlam chief marketing officer Yohann Calpu told Forkast.<\/p>\n<h2>Will There Be A Pullback?<\/h2>\n<p>The NFT space is comprised of the crypto-community, with those who gain from it eager to contribute.<\/p>\n<p>&#8220;A lot of it is support for the artists&#8217; experiences, or someone has sold some work and done fairly well, and they want to give back to the community and ecosystem,&#8221; KnownOrigin Labs Chief Executive Officer and Co-Founder David Moore explains.<\/p>\n<p>Meanwhile, the decline in trade volume is not always cause for concern. Given NFT&#8217;s strong performance in January, experts say a pullback is only natural.<\/p>\n<p>However, there is still reason to be jittery, especially for those who have invested heavily on this asset class, considering the decline in interest in NFTs.<\/p>\n<p>A peek at Google trends reveals that searches for NFTs have decreased as well. In comparison to late January&#8217;s peaks, the search volume for NFT decreased by 60\u201370%.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Article | <a href=\"https:\/\/wncen.com\/press-releases\/shiba-nft-public-minting-on-cardano-is-live-dont-miss-this-limited-offer\/\">Shiba NFT Public Minting on Cardano is Live! Don\u2019t Miss This Limited Offer<\/a><\/em><\/strong><\/p>\n<pre style=\"text-align: center\">Featured image from Artnet News, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The last few months have been turbulent for the NFT market, and the numbers point to a sluggish trend in terms of interested buyers. The number of unique non-fungible purchases fell below 800,000, snapping a three-month trend, in what data aggregator CryptoSlam refers to as a &#8220;mini-bear market.&#8221; According to CryptoSlam data, the number of unique NFT buyers decreased by 13% in February from the previous month&#8217;s record. This is the first time since October that buyers will go below the 800,000 level. Related Article | NFT Vs. DeFi: NFT Activity On Ethereum Rises While Bitcoin Demand On DeFi Falls During a bear market, an asset&#8217;s price drops for an extended period of time A bear market or bear market correction has occurred when stock prices have declined by at least 25% from recent highs. February also experienced a 40% fall in sales volume from the previous month&#8217;s US$4.4 billion, which fell just shy of August&#8217;s record US$4.5 billion. NFT Market Put To The Test With uncertainty surrounding global markets as a result of the current Ukraine conflict, many NFT investors are hoping the new digital asset class can demonstrate its usefulness to investors in the same way that bitcoin did during the pandemic-induced market collapse in March 2020. As a result of the decline in NFT trading volumes, blockchain networks that service NFTs have seen a decline in sales volume. Only two of the 12 networks, according to CryptoSlam, have witnessed growth in the last 24 hours. Total crypto market cap at $1.792 trillion in the daily chart | Source: TradingView.com Arbitrum and Flow both gained 538% and 20%, respectively. The remainder of the market, which includes Avalanche, BSC, Solana, Ethereum, and Cronos, posted losses. &#8220;Historically, bear markets in NFT have been brief, and with the 70x increase in NFT sales since November 2020, a cooling off is expected,&#8221; CryptoSlam chief marketing officer Yohann Calpu told Forkast. Will There Be A Pullback? The NFT space is comprised of the crypto-community, with those who gain from it eager to contribute. &#8220;A lot of it is support for the artists&#8217; experiences, or someone has sold some work and done fairly well, and they want to give back to the community and ecosystem,&#8221; KnownOrigin Labs Chief Executive Officer and Co-Founder David Moore explains. Meanwhile, the decline in trade volume is not always cause for concern. Given NFT&#8217;s strong performance in January, experts say a pullback is only natural. However, there is still reason to be jittery, especially for those who have invested heavily on this asset class, considering the decline in interest in NFTs. A peek at Google trends reveals that searches for NFTs have decreased as well. In comparison to late January&#8217;s peaks, the search volume for NFT decreased by 60\u201370%. Related Article | Shiba NFT Public Minting on Cardano is Live! Don\u2019t Miss This Limited Offer Featured image from Artnet News, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":485139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,83565,85601],"tags":[428,6664,15369],"class_list":["post-485133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-nft","category-nft-market","tag-bitcoin","tag-crypto","tag-nft"],"acf":[],"yoast_head":"\n<title>NFT Market Records Decreasing Number Of Buyers - Is The NFT Hype Dying?<\/title>\n<meta name=\"description\" content=\"The last few months have been turbulent for the NFT market, and the numbers point to a sluggish trend in terms of interested buyers. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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