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ART & COLLECTABLES

Global NFT Sales have Dropped by More than Half

After customer interest in digital collectibles declined in March, global NFTs saw a further decline in sales volume.

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#nft #nfthours #salesdropping

While March saw about $2.3 billion in NFT sales volume, it was still a challenging month for the overall space.

This figure is noteworthy for NFT detractors because they believe that digital treasures will eventually replace traditional art, which millions of DeFi aficionados and blockchain technology experts still see as a novelty.

Global NFT sales declined by 21% between February 2022 and 2023, totaling $2.92 billion.

Could the reduction have a negative impact on the future of digital collectibles?

The drop in sales over the last month could affect digital collectibles, as new buyers would compare sales data from previous months to determine whether or not to invest in NFTs. Despite a 493 percent increase in global NFT sales from March 2021 to $387 million, the periodical buildup of investor demand for NFTs has failed to reach the previous year’s new highs.

In August 2021, global NFT sales achieved an all-time high. Bored Ape Yacht Club (BAYC) had a yearly peak of roughly $297 million, and NBA TopShot had an outstanding $37 million in sales volume. The total sales volume for the NFT market was in the $4.91 billion range.

The bearish engulfing towards the end of 2021 did not augur well for Global NFT sales since the entire market follows the price patterns of Bitcoin (BTC) and altcoins. The August 2021 milestone fell by 33% to over $3.27 billion in September 2021 and then fell by another 46% to around $2.61 billion in the final month of 2021.

Overall, there was a $2.61 billion difference between the all-time high Global NFT sales in August 2021 and March 2022. In just seven months, revenues had dropped by 53%.

What caused the sales decline in Global NFTs? 

The dip in sales volume can be linked to factors such as a decrease in the number of unique purchasers, transaction counts, and average sales value.

Unique Buyers 

During the market’s recovery in November 2021, there were a total of 901,078 unique purchasers. In December 2021, there was a minor dip to 886,550. Despite a drop in sales in February and March 2022, the total number of unique customers in the first two months of that year was outstanding. 944,234 and 879,261 unique buyers were recorded in January and February 2022, respectively.

For the month of March 2022, there were 630,461 unique buyers. This represented a 30 percent loss in November 2021, a 28 percent dip in December 2021, a 33 percent drop in January 2022, and a 28 percent drop in February 2022.

Transactions 

In November 2021, total transactions reached an all-time high of roughly 6.16 million. This record was broken in 2022, when 6.8 million transactions were processed in January and February. Unfortunately, March was unable to match the previous months’ achievements, ending with around 5.45 million transactions.

The number of transactions in March 2022 was down 11% from November 2021, 20% from January 2022, and 19% from February 2022.

Average Sales Value 

The average sales value in March was $422.17, which is a fraction of the $1,120.42 average sales value reported in August 2021. In January and February 2022, the average sales value was $655.63 and $429.50, respectively.

The basic rules of demand and supply have set in as a result of the increased production of digital collectibles. The greater the quantity of NFTs, the lower the price of indestructible, indivisible, non-interoperable, and verifiable collections.

NFT sales have surpassed $150 million globally. With various football clubs, sportsmen, and entertainers releasing digital collectibles, global sales might retest or perhaps surpass the all-time highs set in August 2021.

ART & COLLECTABLES

NFT Show Europe was all about innovators of the Future of the Internet: web 3.0, metaverse, blockchain, and digital art

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Valencia, October 10th 2022: NFT Show Europe, the leading event on Web 3.0, Blockchain, Metaverse and Digital Art took place in the futuristic venue of the City of Arts and Sciences in Valencia, Spain. From the 17th to the 18th of September 2022, #NFTSE attracted over 2300 visitors from 59 countries.

The show featured a packed conference programme with world-renowned speakers. Topics covered included the use of Blockchain and Web 3.0 oriented technologies in traditional businesses, gaming, sports, fashion, art and collectibles, among others.

First edition beyond expectations

“The event showcased the very best in European talent, demonstrating the unstoppable growth of these technologies and its potential in both business and artistic innovation.” explains Patrick Cyrus, Marketing Manager of #NFTSE22.

“We already count with the support of big players such as Tezos, Polkadot, Zeroframe, Crypto Page, Block Ape Scissors or Wert. All of us were equally impressed with the level of potential collaborations and we are already looking forward to the next edition.”

NFT Show beyond Europe

#NFTSE gathers some of the most influential companies and artists to discuss the latest trends and developments. The event was a major boost for the web 3.0 industry companies, fostering new partnerships and collaborations, which helped to solidify its position as a major meeting point in this world.

With visitors from 59 countries attending, the event showcased the latest in blockchain and web3 technologies and its potential applications in the real world.

The speaker line-up was formed by industry leaders such as Takayaki Suzuki, CEO of Metatokio and Esen Tümer, Founder of Metaverse Hub. Other notable speakers included Hide Uehara, Director of Business Development for Square Enix or Sam Hamilton, the Creative Director of Decentraland Foundation.

Showcasing more than 170 artworks by artists such as Zancan, Solimán López, Pablo Alpe, Ulysses, A.L. Crego or Jenni Pasanen, the art exhibition included exclusive minting by fxhash.com, workshops, interactive installations, panel discussions and XR experiences.

Conclusions & Trends

“Web 3.0 technologies provide a way for users to create and interact with digital assets in a virtual space. These technologies have the potential to revolutionize many industries, including gaming, art and finance. NFT Show Europe provided a platform for leading experts to share their insights on those industries in a futuristic business-art atmosphere.” adds Esen Tümer, Founder of MetaverseHub based in Turkey, Istambul.

NFTs and crypto are transforming the art industry by providing creators with a new way to monetize their work and by giving collectors a new way to invest in art. They can be used to track and prove ownership of everything from digital art to in-game items. One of the barriers is the acquisition of cryptocurrencies which is already approached by companies such as Wert.

“We enable the consumers to purchase NFTs with credit or debit cards just like normal or virtual goods … if you’re in the NFT, Generative Art and Web 3.0 space (NFTSE) is just the perfect spot to do that.” explains George Basiladze, Founder of Wert.io.

There is no doubt that the web 3.0 users have the potential to change the way we live, work and play. By harnessing the power of the internet, these technologies can help us to connect with others in new and innovative ways and help us to access information and services that were previously out of reach. With the right support and investment, web 3.0 content will help us to create a more inclusive and connected world.

The producers of NFT Show Europe are already planning the next stages for 2023.

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ART & COLLECTABLES

Logan Paul’s unsuccessful NFT Investment: Over $620K to $10

Logan Paul, a well-known YouTuber, has lost millions of dollars as a result of the current crypto winter.

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Logan Paul, an American YouTuber, actor, and social media star, holds a $623,000 unrealized loss as a result of his investment in an NFT from the Azuki line.

Also unsuccessful is his involvement with cryptocurrency. The market collapse has reduced the value of his possessions by more than $500,000.

Losses in Logan Paul’s Critical Papers
The well-known YouTuber joined the cryptocurrency bandwagon last spring when the values of most assets were surging, just like many other people. A few months later, he spent almost $2.5 million on NFTs, joining the trend. The most expensive thing he bought was a piece from the Azuki collection, which cost him $623,000.

However, the YouTube celebrity has suffered significant financial losses as a result of the unstable state of the bitcoin market and the NFT niche, at least on paper. The Azuki NFT currently trades around $10, as Paul recently made known, a drastic decline that sparked debate in the cryptocurrency world.

Many Twitter users made fun of the celebrity for using non-fungible tokens to transact at a time when there was obviously excitement in the industry. Others asserted that digital collectibles are frauds and should not be purchased. Some, however, contend that the price decline is a result of the current bad market and that once the next bull run begins, the valuation will rise.

It’s important to note that the NFT transactions were booming at the time he purchased the things. OpenSea’s trade volume spiked to almost $500 million for a single day at one time last summer, but in recent months, it has struggled to reach $10 million.

Paul has added bitcoin and other alternative currency to his portfolio in addition to NFTs. He recently acknowledged that he had lost almost $500,000 on such investments when he first entered the ecosystem at its peak last year.

Unfortunately for others that followed suit, this year has seen a significant decline in the value of the cryptocurrency market, which now has a total valuation of less than $1 billion (down from $3 billion a year ago).

Millions are Lost by KSI
The British rapper JJ Olatunji, a.k.a. KSI, was another prominent YouTuber who was severely hurt by the crypto market decline.

When Terra’s native token, LUNA, began to fall in price in May, he took the chance to predict that the price will eventually rise again. When the asset was going for about $25, KSI invested $2.8 million of his wealth in it.

He had no idea that the token would keep declining and eventually fall to almost nothing, wiping away the rapper’s multi-million dollar investment.

KSI is a strong supporter of the cryptocurrency market, especially bitcoin. He claimed that BTC will be crucial to the monetary system of the future last year. The rapper continued, claiming that he would have given each UK citizen £100 worth of bitcoin if he were the Prime Minister.

BTC is the ideal investment vehicle in KSI’s opinion. He believes that after ten years, individuals who have some exposure to the asset will “be laughing”:

“I feel like a lot of people are trying to search for quick money like, ‘Oh, I want to get in and out,’ but they’re not really seeing that. I’m prepared to travel a considerable distance for this.

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ART & COLLECTABLES

Ford is getting ready to enter the Metaverse with digital cars and NFTs

A month after the company announced significant personnel reductions, it has filed a trademark application covering its future initiatives in the Metaverse and NFT space.

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Ford Motor Company, an American automaker, has filed 19 trademark applications across its key automobile brands as it prepares to enter the realm of nonfungible tokens (NFTs) and the Metaverse.

Mike Kondoudis, a trademark attorney licensed by the United States Patent and Trade Office (USPTO), disclosed in a tweet on Wednesday that the business had submitted a total of 19 trademark applications covering its car brands, including Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning, among others.

The trademark applications include a projected online marketplace for NFTs and virtual versions of its businesses’ automobiles, trucks, vans, SUVs, and clothes.

Ford intends to produce digital images of its vehicles, SUVs, trucks, and vans that will be verified by NFTs, according to USPTO filings submitted by the automaker on September 2.

The business also disclosed plans for “downloadable virtual commodities,” or “computer programs,” that would include apparel, accessories, and parts for vehicles for usage in “online virtual environments,” such as virtual and augmented reality trade exhibitions.

Additionally, there are plans to develop an online marketplace for “others’ digital artwork” as well as “online retail shop services featuring non-fungible tokens (NFTs) and digital collectibles.”

Less than a month after Ford Executive Chairman Bill Ford and CEO Jim Farley announced significant personnel reductions from its global workforce to decrease corporate expenses; Ford has decided to enter the Web3 area.

Ford isn’t the first automaker to enter the Metaverse market.

While premium automakers like Bentley and Lamborghini have already launched NFT collections, automakers including Nissan, Toyota, and Hyundai have indicated ambitions to enter the fast-expanding Metaverse market.

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