Third-quarter NFT sales drop
According to DappRadar, a global marketplace for decentralized applications, sales of non-fungible tokens (NFTs) like cartoon apes plummeted by 60% in Q3 2022. Previous NFT sales were $3.4 billion. First-quarter revenue for the expanding business was $12.5 billion. Non-fungible coins dominated the previous bull market by early 2021. Increasing interest rates have placed downward pressure on bitcoin prices this year, hurting this market sector.
Bits-based Blue-Chip The NFT Index Fund, launched in December 2017 to invest in the most popular NFT collections, is down 61.7% year to date. OpenSea’s volume has been dropping for five months. Since January, lack of buyer interest has killed 90% of its commerce. Due to financial problems, they fired a fourth of its employees in July. Rare items still have buyers willing to pay more. Despite the market dip, CryptoPunks #2924 sold for $4.5 million in Ether last week.
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