Elon Musk as NFT Sales Plummet 92%
Non fungible tokens (NFTs), which saw explosive growth in 2021, appear to be losing steam.
NFT sales have plummeted 92 percent over the last eight months, from a daily average of 225,000 in September to about 19,000 this week, according to the market tracker NonFungible.
The number of active market wallets also fell by around 75 percent, from a high of 119,000 in November 2021 to about 29,000 this week.
Tesla CEO Elon Musk who recently inked a deal to buy Twitter for $44 billion, briefly changed his profile picture to a collage of Bored Ape Yacht Club NFTs and remarked, “I dunno … seems kinda fungible.”
NFTs are essentially unique digital receipts which can prove ownership of an underlying digital file. Even though the underlying file can be copied and pasted freely, the unique receipt will only belong to the true owner since it can’t be replicated.