Over the past year, the NFT market has experienced a significant slowdown, with both the number of new NFTs created and daily sales dropping drastically.
Once bustling with thousands of daily minted collectibles, the market now sees almost no new creations on a daily basis. For those tracking trends on platforms like IntoTheBlock, exploring different time frames may provide further insight, but the decline is undeniable.
Despite this downward trend, certain high-profile NFT collections continue to command top dollar. The most notable example is CryptoPunks, where some pieces are still fetching millions. Just today, CryptoPunk #9368 sold for a staggering $1.28 million, showcasing that while the broader NFT market may have cooled, demand for elite, blue-chip NFTs remains strong.
The number of #NFTs created and number of daily #NFT sales have greatly decreased across the last 365 days.
From thousands of daily created collectibles to almost none on the daily:
You may want to explore other time-frames on @intotheblock but that's not all 👇 pic.twitter.com/eHw684GWtp— 🍞ℤ𝕐ℝ𝔼's SHELF (@lord_zyre) September 10, 2024
The big question now is whether the NFT market will bounce back or if this surge in value will be limited to a select few collections like CryptoPunks and other exclusive projects. With fewer new NFTs being created and daily sales dwindling, the focus seems to be shifting from the broader market frenzy to established, high-value assets.
Only time will tell if the NFT space can regain its former glory, or if the dominance of a few elite projects will be the lasting trend. For now, collectors and investors alike are keeping a close eye on what’s next for this evolving digital marketplace.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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