Based on knowledge from Dune Analytics, the weekly trading quantity of non-fungible tokens, or NFTs, throughout the blockchain area has dropped to $114.4 million.

That is down 98% from the $6.2 billion recorded on the finish of January. Weekly NFT trading quantity surged to an all-time high of $146.3 billion in early April earlier than falling off a pointy cliff in Could with the beginning of an ongoing crypto bear market.

On the identical time, nonetheless, the variety of wallets holding at the very least one NFT has skyrocketed to six.14 million, in comparison with 3.36 million on the finish of January. The NFT marketplaces have additionally seen a large change for the reason that starting of the 12 months when LooksRare was liable for a lot of the dollar trading quantity. That has in the meantime switched again to OpenSea.io.

The worth of NFTs has additionally fallen sharply as a part of a broader value drop in Ethereum (ETH), probably the most generally used crypto for purchasing and promoting digital collectibles. At present, an NFT averages solely about $285 per sale, in comparison with about $2,000 in early January.

In an interview with Cointelegraph, Tony Ling, founding father of NFTGo, mentioned that regardless of the market downturn, innovation will proceed to drive NFT adoption. Just lately, put up places of work in Austria have been experimenting with NFT stamps, whereas Mastercard has launched custom-made NFT debit playing cards.

Luxurious jeweler Tiffany & Co has additionally unveiled a bespoke follower expertise for CryptoPunk NFT holders. Month-on-month, nonetheless, the NFT market continues to deteriorate as the common weekly NFT trading quantity is down about 30% in comparison with the identical time in August.