NFT reduces attraction

 The number of single NFT buyers as well as the cooling of older blockchain games makes the field 

onFungible also said that the average price of an NFT was $2,500 in mid-March, down 48% from its November 2021 peak. Meanwhile, the weekly volume of NFT trading accounts dropped from 380,000 to 194,000 during the same period.

Similarly, on OpenSea, daily trading volume dropped 80% from a record $248 million in February to $50 million on March 11.

According to the Financial Times, based on OpenSea data, the price of Bored Ape - a collection of ape-shaped NFTs worth tens of millions of dollars owned by many celebrities - has dropped 44% since the end of February.

The user's enthusiasm for NFT is said to be going down recently. Many million USD NFTs are no longer "hot". For example, Twitter founder Jack Dorsey's first tweet was bought for $2.9 million, but is now only being offered for $280.

NFT game cools down

NFT games - the field that promotes the development of the NFT market - is also showing signs of slowing down. Compared to traditional game genres, NFT games are more noticeable in the Play to Earn feature. This type has appeared since about 5 years ago, but received more attention last year, through the phenomenon of Axie Infinity.

Sky Mavis' Axie Infinity is currently the most popular NFT game in the world. This three-year-old game is popular in many countries, especially the Philippines. Players will receive tokens through the in-game quest system, then use them to trade through exchanges for real money.

However, since the end of last year, due to two game-related tokens, AXS and SLP, having dropped in price, players are no longer making as much money as before. Figures from game consulting firm Naavik show that by the end of 2021, Axie Infinity participants in the Philippines can only earn less than the country's minimum wage per month.
Previous Post Next Post