Analysts have taken issue with the Wall Street Journal's claim the NFT market is collapsing — in a week when the top five projects alone accounted for more than $1 billion in sales.
An article in the Wall Street Journal has claimed sales of non-fungible tokens are “flatlining” — in the same week that the top five collections aloneThe article cited data from NFT market analysis platform Nonfungible suggesting the number of NFT sales has fallen by 92% since an all-time high in September 2021. Wallets active in the Ethereum NFT market were also said to have declined by 88% since a high in November 2021.
However, onchain data from Dune Analytics’ dashboard suggest that the NFT market is still robust, with information showing that NFT users and transactions are much higher than what’s reported by Nonfungible.Analytics also show that volume per day in USD on Ethereum NFTs over the week is some of the highest seen since February with popular marketplace OpenSea seeing nearly $550 million in volume on May 1 alone.
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