According to a study by experts at Casinos En Ligne, Non-Fungible Tokens (NFTs) experienced the same downturn the cryptocurrency market faced in 2022. NFT sales dropped 83% year-over-year in 2022, due to the asset freezes some cryptocurrency exchanges faced.
Since the drop in Ethereum and Bitcoin, many consumers lost faith in digital assets, resulting in declined interest for NFT art, collectibles, and games. In total, the NFT market lost $2.37 billion in revenue between January 2022 and January 2023.
“While the market has been bouncing up and down throughout the year, surges in Bitcoin and Ethereum are expected to revive NFT collectibles like Bored Ape Yacht Club,” says Gia Nguyen with Casinos En Ligne.
Even with a rough start to 2023, consumers and businesses alike should keep an eye on the NFT and cryptocurrency markets.
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