The last few months have been turbulent for the NFT market, and the numbers point to a sluggish trend in terms of interested buyers. The number of unique non-fungible purchases fell below 800,000, snapping a three-month trend, in what data aggregator CryptoSlam refers to as a “mini-bear market.” According to CryptoSlam data, the number of unique NFT buyers decreased by 13% in February from the previous month’s record. This is the first time since October that buyers will go below the 800,000 level. Related Article | NFT Vs. DeFi: NFT Activity On Ethereum Rises While Bitcoin Demand On DeFi Falls During a bear market, an asset’s price drops for an extended period of time A bear market or bear market correction has occurred when stock prices have declined by at least 25% from recent highs. February also experienced a 40% fall in sales volume from the previous month’s US$4.4 billion, which fell just shy of August’s record US$4.5 billion. NFT Market Put To The Test With uncertainty surrounding global markets as a result of the current Ukraine conflict, many NFT investors are hoping the new digital asset class can demonstrate its usefulness to investors in the same way that bitcoin did during the pandemic-induced market collapse in March 2020. As a result of the decline in NFT trading volumes, blockchain networks that service NFTs have seen a decline in sales volume. Only two of the 12 networ...
