Good news for the NFT industry: People are still spending around $50 million per day on non-fungible tokens. Bad news: In January that rate was about $100 million per day, according to NonFungible.com.
Why it matters: NFTs drove 2021’s boom in cryptocurrency. They are the reason people are talking about blockchains again, but — for the second time since the world discovered NFTs last year — the appetite for jpegs has waned.
What they’re saying: “With nearly $8 billion traded in the first quarter of 2022, the market cannot really be considered to have collapsed. We are seeing more of a form of stabilization, in line with the last quarter of 2021,” the summary of NonFungible.com’s report for Q1 2022 says.