Nonfungible token trading volume has declined approximately 97% since the start of 2022, according to data from Dune Analytics, a crypto analytics data company.
The charts show a drop from $17 billion in January to $466 million in September. The analysis includes data from popular trading platforms like OpenSea, LarvaLabs, LooksRare, NFTX, Rarible, and Foundation.
This decline is in line with news from the summer, when NFT projects saw a drop in floor price and OpenSea, the largest NFT marketplace, saw sales volume slump by 75%. Interestingly, while the number of trades decreased, the number of traders remained roughly the same, with only a slight drop of about 5% this month, according to DappRadar.
The drop in trading volume reflects the larger loss of nearly $2 trillion in market capitalization in the crypto market between November 2021 and July 2022.
Popular NFT projects like Bored Ape Yacht Club, owners which include Jimmy Fallon and Justin Bieber, have seen less hype as of late.
According to NFT Price Floor, which provides data on the lowest price you would need to spend to buy an NFT from a collection, shows that Bored Apes have dropped from a peak of 144 ETH in April to 79 ETH in September.
But the decrease in hype hasn’t stopped companies from experimenting with and implementing NFTs in their business strategies. Starbucks recently released NFT rewards, called “stamps” and luxury brands like Tiffany’s and Gucci have released NFTs despite crypto winter.