Over the last few months, NFTs have attracted a lot of attention and popularity, bringing tens of millions of dollars of liquidity into the crypto market.Advertisement
NFTs have been all over the news and social media. NFTS has been on a roll since Elon Musk turning down $1 million after offering to sell his tweet as an NFT and Christie’s selling an NFT art piece by digital artist Beeple for $69 million. As an NFT, Kings of Leon released their most recent album. The animated Nyan Cat online meme, which was released to YouTube in 2011, recently sold for approximately $600,000 as an NFT, and the list goes on.
And in a very recent development Meme.com, a blockchain-focused venture capital firm, recently secured $5 million from investors including Outlier Ventures, Digital Finance Group, Morningstar, Blockhype, Spark Digital Capital, and others.
With the crypto market crashing down NFTs slowed their pace but with the latest Meme.com development it seems that the hype is still real.
Talking of numbers, the average number of NFT sales increased nearly 300% from 21,815 per day in January to 82,373 in May, according to research from decentralised app marketplace DappRadar (so far). As crypto prices began to fall on May 12, this amount grew even further, with daily sales reaching around 94,000 NFT transactions.
Although the number of trades has increased, the value per deal has decreased as cryptocurrency prices have fallen. The amount of trading in the first 11 days of May averaged $14.9 million per day, but it has since decreased to under $6 million per day. With the average token sale price plummeting from $180 to $70 this month, many NFT owners seemed willing to take a loss.