The nonfungible token wing of the crypto space has declined even more rapidly than the broader market in the past month or so after sales of NFTs sank 90% since they peaked in early May.
Data provided by Protos paints a picture of an NFT market in the midst of implosion as sales across all categories continue to decline rapidly.
After $102 million worth of NFTs were sold in a single day on May 3, just $19 million worth were sold in the past week. Over $170 million worth of NFTs were sold in the seven-day window on either side of the market top, equating to a near 90% decline since then.
The number of NFT wallets showing any signs of activity on a daily basis is also down 70% since early May, after falling from 12,000 to 3,900. NFT sales and wallet movements were down across the entire range of token categories, spanning gaming, decentralized finance, collectibles, art, utility, metaverses