Good news for the NFT industry: People are still spending around $50 million per day on non-fungible tokens. Bad news: In January that rate was about $100 million per day, according to NonFungible.com.
Why it matters: NFTs drove 2021's boom in cryptocurrency. They are the reason people are talking about blockchains again, but — for the second time since the world discovered NFTs last year — the appetite for jpegs has waned.
What they're saying: "With nearly $8 billion traded in the first quarter of 2022, the market cannot really be considered to have collapsed. We are seeing more of a form of stabilization, in line with the last quarter of 2021," the summary of NonFungible.com's report for Q1 2022 says.
- Yes, but: This market comes and goes as new use cases capture the public imagination. The Bored Ape Yacht Club did its first sale of land in its Otherside virtual world Saturday. That's resulted in over $500 million in sales already.