Data: Third quarter NFT sales were $3.4 billion, a 60% decrease compared to the previous quarter

2022-10-03 17:36:32

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According to ChainCatcher, data from DappRadar shows that NFT sales in the third quarter of 2022 amounted to $3.4 billion, a 60% decrease quarter-over-quarter. This figure is significantly lower than the $8.4 billion in the second quarter of this year and the market peak of $12.5 billion in the first quarter.

Additionally, data from NonFungible.com indicates that the number of weekly NFT buyers has decreased by more than half from the peak at the end of January. The total NFT sales from traditional art markets such as Christie's, Sotheby's, Phillips, and Bonhams amounted to £8.4 million ($9.41 million), down from £127 million during the same period.

OpenSea's CEO Devin Finzer stated that the current phase is at the intersection of a macroeconomic recession and a cryptocurrency winter. He is excited about the long-term potential of NFTs, describing the economic downturn as a "building phase." (Reuters)

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