As NFT Sales Continue to Plummet, Is the Bubble About To Burst?

A report by Non Fungible lays bare the state of the market in 2022

Image edited by author

Hold onto your digital pixelated hardhats: the NFT market is beginning to collapse.

The proof? Our Lord, savior and staunch defender of “free speech” — read: the right to talk shit about people online — Elon Musk right-clicked and saved a Bored Apes montage picture, made it his profile image and tweeted, “I dunno … seems kinda fungible.”

For an industry built on being non-fungible, it’s far from the ideal press.

To pull back a little, of course, this isn’t proof. Musk is just some rich asshole. His tweet is just another of the many he has riffed off that swing between being bullish and bearish on these markets. Yet unfortunately, when Musk speaks (tweets), the majority of the crypto/blockchain market listens. After all, those in the market often see him as they see themselves; a disruptor, a maverick, a revolutionary.

But the tweet comes at a bad time for the NFT market, which is still struggling to shake off its current slumber.

Thanks to data from the Q1 2022 report released by Non Fungible, an NFT Market data and analysis company that tracks decentralized asset transactions in real-time on the…