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NFT Sales Experience a Substantial Decrease

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According to the report, the data shows that after the sales of NFT soared in February, the sales of NFT in the past seven days decreased by 32.32% compared wi…

NFT Sales Experience a Substantial Decrease

According to the report, the data shows that after the sales of NFT soared in February, the sales of NFT in the past seven days decreased by 32.32% compared with last week. Among the 19 different blockchains, Ethereum accounted for $148.56 million of the total NFT sales of $186.2 million settled this week.

NFT sales decreased by 32% in the past 7 days

Interpretation of the news:


The latest report on the sales of non-fungible tokens (NFTs) has indicated that the NFT market has experienced a significant drop in sales in the past seven days. According to the report, sales of NFTs decreased by 32.32% compared to the previous week, after experiencing an astronomical rise in February 2021.

It is worth noting that the NFT market has been highly volatile in the past few months, with the value of an NFT artwork skyrocketing to millions of dollars. However, it seems that the hype has slowed down, indicating that the market is settling into a phase of normalcy.

The report indicates that Ethereum was responsible for the majority of NFT sales, accounting for $148.56 million of the $186.2 million total NFT sales settled in the past week. Ethereum is a blockchain-based platform that has become synonymous with the creation of NFTs. Many of the most sought-after NFT artworks were created using Ethereum-based tokens.

The drop in sales is not necessarily a reflection of the lack of interest in the NFT market, but rather a cyclical pattern that is characteristic of any market. It is not uncommon for markets to experience a surge in demand, followed by a period of consolidation until they reach a new equilibrium point.

In conclusion, the NFT market has experienced a sharp drop in sales over the past seven days after witnessing an unprecedented surge in February 2021. However, it is important to note that the drop in sales is not necessarily indicative of a lack of interest in the market, but rather a natural pattern that is characteristic of any market. With Ethereum continuing to lead the pack in terms of NFT sales, it will be interesting to see how the market develops in the months to come.

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