NFTs Join Crypto in the Race to Zero
12 months on from record highs, even the Apes are going down with the ship
In July 2021, NFT mania exploded. At its peak between August and November last year, the number of NFT sale transactions frequently topped 200,000 per day, with sales reaching an insane high of $12.6 billion in January 2022 alone. That’s some serious dollars for what was, at the time, just JPG images.
And during the hype, these JPEG images were everywhere (well, everywhere on Twitter, there wasn’t anywhere else to show them off…), and investors and enthusiasts alike were scrambling to empty their digital wallets to invest in the next big token and its associated “community.”
But now, 12 months after the pixelated takeover, things are going south.
The state of play (it’s… bad)
In June, sales of NFTs totaled just over $1 billion.
That might sound high, but it’s an almighty fall from the $12.6 billion. According to CryptoSlam, sales have plummeted dramatically even since May 1 (where daily global NFT sales peaked at $637.9 million), leading to a daily low of $6.6 million on July 2.
That represents a nearly 99% collapse.
