Altcoin
NFT Market Collapse: Trading Volume Drops 97% From 2021
Once known for digital art and collectibles that brought in millions, the NFT market is now all but deserted. Trading volume has plummeted by a staggering 97% since 2021, and shockingly, around 95% of NFT projects have zero market value. Currently, NFT sales are struggling to break the $200 mark, a far cry from the multimillion-dollar transactions of the past. The 2021 frenzy may have been driven by hype. Factors such as the cryptocurrency winter, economic uncertainty and geopolitical tensions have contributed to the decline. However, retail investors willing to take high risks could still breathe new life into the market.