A report shows that less than three months after a Beeple collage NFT sold for $70 million, the market for non-fungible tokens has collapsed.
Beeple’s timing is starting to look very, very good.
The digital artist formerly known as Mike Winkelmann sold an NFT
collage at the auction house Christie’s, bringing in nearly $70 million and outselling the likes of Francisco Goya and Eugene Delacroix.
In a report yesterday, industry news site Protos said that the bubble for non-fungible tokens (NFT) has utterly collapsed, dropping fully 90% since the market’s high point on May 3, when sales hit $103 million.
If you look at the seven days surrounding May 3, more than $170 million worth of NFTs were sold, Protos said. In the past week, that number had dropped to just $19.4 million.
Beyond that, the number of active NFT wallets dropped from more than 12,000 at peak to just 3,900 on June 2 — an almost 70% decline.
That takes into account the whole NFT market, not just Beeple’s corner. It includes collectables, art, sports, metaverse, games, utilities, and decentralized finance, or DeFi.
CryptoPunks Still Rule
Collectables like CryptoPunks and CyberKitties have held up the best, according to data from NonFungible.com. About $9.2 million worth have been sold in the past week.
In a sign that mainstream interest may have peaked as well, in the past week NFT art has been outsold by metaverse NFTs — things like real estate or art created inside a shared virtual reality — by 10%, $3.3 million to $3 million.
Art NFTs were even outsold by the secondary (resale) market for sports memorabilia, like NBA Top Shots
. By the end of the first quarter of 2021 — six months after launching a beta site — NFT creator Dapper Labs’ had sold more than a half billion dollars of its basketball themed sports collectibles.
That said, there have been some pretty substantial sales this week, with an auto racing-themed F1 Delta Time NFT going for more than $323,000 and a trio of CryptoPunks trading hands for nearly $724,000 combined.
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