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Sales of nonfungible tokens soared to a record high in January, as the assets gained greater popularity among crypto investors, mainstream consumers and even celebrities. But as 2022 comes to a close, it’s a completely different story.
Global monthly NFT sales plunged 89% in November compared to their all-time high of more than $4.9 billion in January, according to blockchain data tracker CryptoSlam. The decline threatens marketplaces, including those launched by GameStop Corp. and Coinbase Global Inc., that peddle the once white-hot digital assets. It also mirrors a broader crypto rout sharpened by the implosion of hedge fund Three Arrows Capital, the bankruptcy of crypto lender Celsius and the spectacular downfall of digital asset exchange FTX.
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