The trade of digital, collectible artworks known as NFTs had soared massively in recent years. Recorded on blockchains, these pieces of code offered investors ownership of unique digital assets that often skyrocketed in value. The NFT market traded $17 billion in January 2022, around the time that OpenSea – the popular NFT market – was valued at $10 billion.
Trading volumes in NFTs down 97%https://t.co/1vnDTVmLuj pic.twitter.com/g3kqksJYqP
— Joe Weisenthal (@TheStalwart) September 28, 2022
But that was before a broader, $2 trillion wipeout of value in cryptocurrencies, of which NFTs have been heavily reliant.
It means that the trading volume of NFTs was down to just $466 million in September.
