Do NFTs still need to be presented? Since the enthusiasm around this digital trend seems to be deflating, a small reminder may be useful: “Non-Fungible Tokens” are digital files recorded in the blockchain, an ultra-secure digital registry. Thus they make it possible to certify the authenticity of a file and create “unique works” or “limited series” – where, until now, a file on the web can be multiplied ad infinitum.
From almost 3 billion dollars in sales… to less than 10 million
But according to
American magazine Fortune, the global NFT market is deflating at high speed. And for that, he put forward the numbers of the largest NFT sales and trading platform, OpenSea: between May 1, the day when the most NFT transactions took place, and the end of August,
the DappRadar monitoring site marks a drop of 99%. As of May 1, the sale generated $2.7 billion in transactions. As of August 28, they represented $9.3 million.
This collapse is partly linked to the cryptocurrency crisis: Bitcoin, the most famous of them, has lost 57% of its value since the beginning of the year, and Etherum, the one most used in the NFT market , lost 59% of its value. But this is not the only reason: if we look at the “starting prices” of the main collections of works sold by OpenSea, they also fall. For example, for the most expensive of the collections, Bored Ape Yacht Club, you can now buy from 72.4 ether (more than 100,000 dollars), while it will almost double at the end of April.
“We are not worried”
After Fortune’s article was published, OpenSea reacted, saying that the numbers were reversed because they were expressed in dollars and not in Etherum – and therefore largely dragged down by Etherum. But according to Fortune, even considering only the amount of ETH (Etherum) sold on the platform, we got a drop of 62% between May and July, which is expected to expand further in August.
“We’re not worried about quick succession”OpenSea answers. “We always expect the buzz, the hype and the deflation, as the community develops and uses, as the technology becomes more sophisticated and as the creators think about how to make their projects better.” Other announcements seem to prove this right: the Meta team announced on Tuesday that Facebook will soon allow NFTs to be displayed on its profile. A few days ago he announced that Instagram will also allow it.