NFTs may be a hot trend quickly but then be forgotten just as quickly. Several high-caliber projects launched by celebrities later turned out to be fraudulent schemes after holdings were sold shortly after the price of NFTs skyrocketed. According to data collected by DappRadar, the NFT trend may be over according to sales on the OpenSea platform.
As the world's largest NFT sales platform, OpenSea recorded sales of $400 million last May. But OpenSea only sold $5 million worth of NFTs on August 28th which equates to a 99% decline from the peak of this trend's heat.
In addition the floor sale price for NFT from the quite popular Bored Ape Yacht Club has dropped by up to 53%. Again being a sign of the NFT trend is now not as hot as it used to be. Among the reasons for this happening is the plummeting value of cryptocurrencies as well as too many projects found to be defrauding investors causing many to start staying away.
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BUSINESS & MONEY