Have the Glory Days of NFTs Passed?

Total Ethereum-based NFT transactions hit a five-month low.

Have the Glory Days of NFTs Passed?

Once dubbed the word of 2021, the non-fungible tokens have been no exception to the crypto winter that this year has brought upon us. According to BeinCrypto’s market analysis, the asset class has hit a new all-time low this month and has yet to pick up the pace again.

Ethereum-based NFTs transactions have fallen under 1 million in August, or more precisely to 998,433. This signifies a five-month low, along with a thirteen-month low in their actual sales, as confirmed by Cryptoslam:

The number of unique buyers has also plummeted from 229,930 in July to 199,454 in August, which marks a nine-month low and the lowest number since last November when it stooped all the way down to 152,064.

Prominent NFT brands have not been immune to the latest trend, as the Bored Ape Yacht Club (BAYC) collection has also experienced a significant drop in sales, falling from 438 monthly unique buyers to 263, signifying a 16-month low.

However, despite the recent shortcomings of the asset class, NFTs undoubtedly still rule over the digital arts industry. The question withstands, does the current downtrend present a fluke amongst the crypto winter, or does it signify a gradual loss of interest in the asset class? Only time will tell.

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