- NFT market capitalization has plunged 73% over the past year, Cointelegraph reported.
- It reported that NFT sales performance, buyers, sellers, and trading volume are all continuing to decline.
- Experts said that reduced liquidity toward year-end could strengthen the decline in NFT market capitalization.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
The market capitalization of non-fungible tokens (NFTs) has fallen by more than 70% over the past year.
Cointelegraph, citing CoinGecko data, reported that the total NFT market cap was $2.5 billion as of this month. This represents about a 73% decrease from January, when NFT market cap hit an all-time high of $9.2 billion. Cointelegraph said "(the drop in market cap is) due to weakened NFT sales performance" and added, "reduced liquidity toward the end of the year is likely to strengthen the downward trend during this month."
NFT buyers are also steadily decreasing. According to CryptoSlam, in the third week of this month there were about 135,000 NFT buyers, nearly 70,000 fewer than in the last week of the previous month (about 204,000). Cointelegraph said "(NFT) sellers and trading volume are also on the decline" and added that "the number of sellers in the third week of this month fell below 100,000 for the first time since April 2021."
