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The NFT Bubble Has Already Burst

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The NFT market was heating up faster than Steph Curry in an open gym, but it appears to have already burst.

Thanks to the research by the crew at Protos, they found that The NFT market has imploded over the past month, with sales in every single category almost entirely drying up.

NFTs peaked on May 3, when $102 million worth were sold in a single day. The crypto-collectibles market made up $100 million of those sales.

But according to data analyzed by Protos, just $19.4 million in NFT sales were processed in the past week.

Overall, $170 million in NFTs were transacted in the seven days surrounding the market’s top — a near-90% collapse.

CryptoPunks have been selling for as much as $7.5 million each, with many going for over $1 million.

NBA Top Shots selling for multiple hundreds of thousands of dollars. And many collectible NFT’s going for just as much.

Has the NFT bubble already burst?

SOURCES USED:
https://protos.com/nft-market-bubble-popped-crypto-collectibles-are-over/
https://www.bbc.com/news/technology-57273904
https://www.theverge.com/2021/5/11/22430254/cryptopunks-christies-sale-larva-labs
https://news.artnet.com/market/maurizio-cattelan-banana-art-basel-miami-beach-1722516
https://www.financemagnates.com/cryptocurrency/news/nft-transaction-volume-plummets-90-has-the-nft-bubble-burst/
https://www.youtube.com/watch?v=8B_oDBO9emU

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