2x by October, April NFT Sales, Artists, Bitcoin, Blockchain, Blockchain Art, Blockchain Collectibles, Celebrities, Ethereum, Invezz authors, Invezz Newsdesk, Market Prices, Markets, Metaverse, nft, NFT collectibles, NFT interest, NFT interest decline, NFTs, Non-fungible tokens, Sophie Kiderlin, volume

In 2021, the non-fungible token (NFT) ecosystem has grown massively and data shows during the last month, there have been 98,832 NFT sales across over 32,000 active wallets. Monthly statistics show $272 million in recorded NFT sales have taken place but a recent report shows the NFT market is starting to “cool off†as NFT volumes have dropped. Although, another study suggests the NFT market could double in size by the fall.

Report Notes a ‘Cool Off’ Period in NFT Markets

NFT’s have become a huge success in 2021 and the market continues to show people are buying non-fungible token collectibles. Data from nonfungible.com’s market history shows out of more than 15,000 sales over $15 million worth of NFTs have been sold during the last seven days. This year has shown that nearly everybody is attempting to leverage NFTs in order to raise funds and the NFT trend has spread to world-renowned artists and celebrities.

However, a recent report from Sophie Kiderlin, a Markets Insider contributor, notes that the NFT market is “starting to cool off, as both prices and volumes fall.†Kiderlin highlights that after the notorious Beeple sale for $69 million, markets have seen a steep decline. “Sale volumes for art NFTs declined by almost 42%, making this the sector with the biggest losses. In the same timeframe, prices dropped by 40.5%. This translates to a sales value drop from over $71 million to $41.5 million as of today,†the report details.

Invezz NFT Study Disagrees With the Cooling-off Sentiment, Says ‘No Sign of the Bubble Bursting,’ and ‘Market Set to Double by October’

Kiderlin’s editorial further says that the only sector in the NFT space that has been doing well is “virtual plots of land and digital real estate†within the metaverse. The Markets Insider contributor’s data might be short-sighted, according to a recent report written by Invezz Newsdesk on Thursday.

It’s a stark contrast because the Invezz-written study says there is “no sign of the bubble bursting†and the “NFT market [is] set to double by October.†The forecast Invess supplies in its recent study predicts that the NFT market cap will increase “from $338 million in 2020 to $470 million in 2021.â€

2x by October, April NFT Sales, Artists, Bitcoin, Blockchain, Blockchain Art, Blockchain Collectibles, Celebrities, Ethereum, Invezz authors, Invezz Newsdesk, Market Prices, Markets, Metaverse, nft, NFT collectibles, NFT interest, NFT interest decline, NFTs, Non-fungible tokens, Sophie Kiderlin, volume

The Invezz study does recognize that the NFT sector saw a drop in volume this past April. “Is the NFT market a giant bubble set to burst?†the Invezz study authors ask. “The answer depends who you ask. The total trade volume of NFTs dipped to $68 million in April, leading some to conclude that the bubble was already bursting. Some feel that the price rise is pure tech speculation with little value or utility behind the products being sold. Some analysts say a market correction was inevitable following the boom in March.†The Invezz authors conclude by saying:

2x by October, April NFT Sales, Artists, Bitcoin, Blockchain, Blockchain Art, Blockchain Collectibles, Celebrities, Ethereum, Invezz authors, Invezz Newsdesk, Market Prices, Markets, Metaverse, nft, NFT collectibles, NFT interest, NFT interest decline, NFTs, Non-fungible tokens, Sophie Kiderlin, volume

It’s not the first time skeptics have suspected that the NFT bubble will burst and the NFT ecosystem has been referred to as a “house of cards.†There’s also been a surge in NFT-related scams since the trend has grown exponentially. Despite these criticisms, the Invezz study does not see huge corrections affecting the NFT economy like BTC’s and ETH’s recent downturns.

The Invezz study authors concluded by adding that the NFT “market looks like it’s resistant to the forces that have caused a correction in the price of cryptocurrencies like Bitcoin and Ethereum in recent times. Thanks to its unique combination of innovative technology and creative freedom, the demand for NFTs shows no signs of slowing down.â€

What do you think about the NFT market slowing down? Do you see it cooling off or do you agree with this week’s Invezz study on NFT markets doubling? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday […]

Xem chi tiết: Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Uganda Museum Collaborates With Software Development Firm to Create NFTs for Display on Binance Marketplace

One of Africa’s oldest museums, the Uganda National Museum (UNM), is set to create digital representations of the unique artifacts that are on display at this facility. Working in concert with software development firm Murcom, Uganda’s biggest museum is expected to display and auction the digitally represented items on Binance’s non-fungible token (NFT) marketplace. Uganda […]

Xem chi tiết: Uganda Museum Collaborates With Software Development Firm to Create NFTs for Display on Binance Marketplace

Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Bloomberg Intelligence senior commodity strategist Mike McGlone believes bitcoin is “more likely†headed for $40K instead of $20K after discussing the possibility of capitulation in a recent tweet. McGlone’s opinion follows a number of predictions that say bitcoin could drop to the $20K zone if there’s more pullback in the cards. Bloomberg Commodity Strategist Suggests […]

Xem chi tiết: Commodity Strategist Mike McGlone Says $40K BTC Target ‘More Likely’ Than $20K

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

Mike Novogratz declared institutional investors are waiting for the next narrative shift in a recent interview at the Bitcoin 2021 conference in Miami. The CEO of Galaxy Digital thinks the market is now in a consolidation phase after the price crash last month. Novogratz also commented on what the rise of defi could mean for […]

Xem chi tiết: Mike Novogratz: Bitcoin Investors Waiting for a New Narrative Shift

NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General

The crypto trading platform Coinseed is shutting down operations according to a written statement from the company’s CEO Delgerdalai Davaasambuu. A court order secured by New York Attorney General Letitia James told Coinseed to halt all of its operations. Following the announcement of the shutdown, Coinseed’s CEO said he created an ERC20 token called “FLJ†[…]

Xem chi tiết: NYAG Court Order to Shut Down Coinseed Succeeds, CEO Creates Profanity Token for Attorney General

Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

One of the biggest franchises in the videogame industry, Grand Theft Auto, will feature in-game payments of “bitcoin†or another fictional cryptocurrency. Contractors will pay the player with this currency when they need to make anonymous, untraceable payments. This would constitute another push for Bitcoin awareness into mainstream media culture. Grand Theft Auto 6 to […]

Xem chi tiết: Grand Theft Auto 6 to Feature a Fictional Cryptocurrency

Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal. The firm wants someone who is “passionate about blockchain and decentralized networks†and someone who can build innovative “business use cases†across decentralized finance (defi). Online Marketplace Amazon Hopes to Hire a Head of Product to Lead […]

Xem chi tiết: Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Bitcoin Keys Cannot be Hacked: Skeptics Question the Official Colonial Pipeline Bitcoin Seizure Story

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

El Salvador Offers No Capital Gains Tax, Permanent Residence to Crypto Entrepreneurs

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Solana Aims to Raise $450 Million to Battle Ethereum Supremacy

Alternative 401(k) Product Offers In-Plan Cryptocurrency Investment via Coinbase Institutional

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals