NFT million USD fell sharply

Transaction data on CryptoPunk.app shows, NFT CryptoPunk number #273 plunged from a record of $ 1.03 million on October 19, 2021 to $ 139,800 on May 8. Even though it was bought back on the same day at $253,000, this NFT is still down nearly 5 times in value from last year.

The CryptoPunk Collection launched in 2017 and has been popular since the middle of last year during the NFT craze. It consists of 10,000 NFTs, which are pixelated characters, made up of blockchain Ethereum and costs from a few hundred dollars to millions of dollars. In it, CryptoPunk #7523 bought for $11.75 million at Sotheby’s auction house in London in June 2021.

Mid-April, NFT first tweet of Twitter founder Jack Dorsey was also paid the highest price of only $ 280, while the owner is Sina Estavi – CEO of blockchain company Bridge Oracle in Malaysia – once bought for a price of just $280. 2.9 million USD. Currently, this NFT continues to push the price up but is still only at $24,000.

This is the second time Estavi has failed to put the NFT tweet up for auction. Earlier this year, he also made a similar move but only received the highest bid of $ 14,000, although he expected the NFT to reach $ 50 million. However, he believes the NFT market has not shown any signs of going down.

Also in April, an anonymous user spent 32,000 USD to buy NFT named Doggy #4292 released by the artist’s company Snoop Dog. This person then offered to sell for $ 25.5 million, but the current highest payment is only about $ 200.

Financial Times analysis OpenSea data and see the price of Bored Ape – the ape-shaped NFT collection owned by many celebrities – has fallen 44% since the end of February. Several other collections have experienced similar price declines.

According to NonFungible, the NFT market has been plunging since the end of 2021. The number of daily NFT transactions last week was 19,000, down 92% from the peak of 225,000 in September last year. Global revenue in the sector also nearly halved from $4.6 billion in January to $2.4 billion in March.

Interest in the NFT is also going down. According to Google Trends, the number of searches for content related to this topic is now down 80% from its peak in January.

Although the NFT market has lost its appeal, some investors believe this is just a necessary step back after a period of overheating. “I will never regret buying that NFT,” Sina Estavi told WSJ when asked about his feelings after two failed auctions. “NFT is still a growing market and it’s impossible to predict what it will look like in a couple of years.”

Bao Lam