Blockchain_Blockchain Technology - yuyjo.com
No Result
View All Result
  • Home
  • Latest
  • Market
  • Cryptocurrency
  • NFT
  • Crypto Exchange
  • Digital currency
  • Metaverse
Blockchain_Blockchain Technology - yuyjo.com
  • Home
  • Latest
  • Market
  • Cryptocurrency
  • NFT
  • Crypto Exchange
  • Digital currency
  • Metaverse
No Result
View All Result
Blockchain_Blockchain Technology - yuyjo.com
No Result
View All Result
Advertisements

The Beginning of the End for NFTs

Madonna by Madonna
09/06/2023

The recent regulatory actions taken by the Securities and Exchange Commission (SEC) against Impact Theory sent shockwaves through the non-fungible tokens (NFTs) market, catching many participants off guard. Predictions emerged that traders would hastily exit the market, and now, as the dust settles, it appears these forecasts were not unfounded. This week provides substantial confirmation that the NFT market’s inaugural phase is coming to a close.

Advertisements

While the NFT market’s decline has not been as severe as some anticipated, it is undeniable that it has suffered a setback. According to the Forkast 500 NFT Index, the global NFT market has experienced a 2.11% drop in value since the SEC’s charges became public knowledge. This decrease, although less steep than the previous two weeks’ declines of 3.67% and 5.81% for the weeks of August 21 and August 14, respectively, still indicates significant turbulence in the sector.

Advertisements

Individual high-value NFTs have not been immune to this downturn, with sellers recording substantial losses. Prominent examples include CryptoPunk #9842, which incurred a staggering $160,000 loss, Bored Ape #996 at a $212,000 loss, Bored Ape #8262 with a $300,000 loss, and Bored Ape #2530 selling at a $319,000 loss. A few sellers experienced substantial losses, amounting to a total of $11.9 million in the past week alone.

Advertisements

Additional metrics corroborate the view that NFT traders are increasingly exiting the market. In last week’s NFTs On Deck analysis, data indicated double-digit shifts in major categories. However, this week, which covers the period following the SEC’s announcement, only two out of seven categories display significant changes.

Advertisements

Wash trading has fallen to $29.8 million, while the number of unique sellers dropped to 216,723. These figures represent the lowest levels seen in 2023. Weekly transactions have also declined by 16.13% compared to the previous week, marking the fourth-lowest point this year. The lack of trader participation has caused global NFT sales to plummet to a 117-week low, with a meager $72.5 million in total sales.

August’s final statistics underscore a fundamental shift in the NFT market, signifying the dawn of a new chapter characterized by increased transactions but diminished sales. The month witnessed a record-high number of global transactions, exceeding 11 million in total. However, sales figures paint a different picture, reaching a new 30-month low at just $395 million, the second-lowest since January 2021’s $100 million in sales.

Sales, being the metric that resonates most with the public, tell a compelling story. August’s strikingly low sales figures in the modern NFT market serve as a clear signal that the initial chapter of NFTs has concluded, and we are now embarking on the second chapter. While this phase may lack the excitement of its predecessor, it is the foundation upon which future developments will be built, promising a payoff that those who persevere will ultimately appreciate.

Previous Post

‘Creator League’ Promoted by MrBeast Postponed Amid NFT Backlash and Staff Layoffs

Next Post

OKX Expands NFT Marketplace Support to Base and Linea Blockchains

Madonna

Madonna

Madonna, the esteemed author of our blockchain website, is a recognized authority in the field. With a wealth of experience and expertise, she brings a profound understanding of blockchain technology. Her professional insights and commitment to excellence make her a trusted source for navigating the complexities of the blockchain industry.

Related Posts

How to Make Millions on NFTs?
NFT

How to Make Millions on NFTs?

04/23/2025
How to Make NFT Worth Money
NFT

How to Make NFT Worth Money

04/23/2025
Why Did The NFT Market Crash?
NFT

Why Did The NFT Market Crash?

03/28/2025
How Much Does It Cost To Start A Blockchain?
NFT

How Much Does It Cost To Start A Blockchain?

03/28/2025
NFT

How Much Does It Cost to Mint an NFT on Solana?

11/05/2024
NFT

What is NFT Leasing?

10/17/2024
Next Post

OKX Expands NFT Marketplace Support to Base and Linea Blockchains

From Trading Cards to Digital Assets: Unveiling the Sports NFTs Revolution

Unlocking Human Connections: The Expanding Metaverse

Recent Posts

Why Hungary Is Not Using Euro

Why Hungary Is Not Using Euro

04/29/2025
Why Is Neo Crypto Crashing

Why Is Neo Crypto Crashing

04/29/2025
Why Is Yuan So Cheap

Why Is Yuan So Cheap

04/29/2025
How Do I Start Trading Cryptocurrency

How Do I Start Trading Cryptocurrency

04/29/2025
If You Convert Crypto, Is It Taxable?

If You Convert Crypto, Is It Taxable?

04/29/2025
What Is Crypto Self-Custody

What Is Crypto Self-Custody

04/29/2025
Blockchain_Blockchain Technology - yuyjo.com

Yuyjo is a blockchain portal. Its main columns include Cryptocurrency, NFT, Crypto exchange, Digital currency, Metaverse and other columns. 【Contact us: wougua@gmail.com】

Recent News

  • Why Hungary Is Not Using Euro 04/29/2025
  • Why Is Neo Crypto Crashing 04/29/2025
  • Why Is Yuan So Cheap 04/29/2025

TAGS

APENFT Binance Binance Futures Bitcoin CBDC Coinbase Coinbase Account Coinbase Wallet Digital Coin Digital Dollar Digital Rupee Digital Yuan Ethereum Facebook Metaverse Gemini Kraken NFT Coin NFT Collection OKCoin
No Result
View All Result
  • Home
  • Latest
  • Market
  • Crypto Exchange