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Chart of The Day: NFT Winter is Here
- NFTs saw an impressive gain in volume and Google search interest at the end of December through early February. OpenSea daily volumes peaked at $250M. More recently, however, that’s fallen to just around $70M, representing a 72% drop in daily volume from its peak.
- Global “NFT” searches have seen an even steeper drop-off, falling to early-Nov levels. The initial run-up of this NFT cycle was catalyzed by branding and marketing with partnerships from Adidas with BAYC, Nike acquiring RTFKT, as well as celebrity purchases and features in music videos. The current state of NFTs seems stale as the promotions have slowed significantly.
- Although it seems gloomy, we noted in our recent NFT Insights that the number of unique buying wallets is still relatively high. This is a proxy for the number of people actively involved in NFTs, so if it starts to
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Joo Kian + 3 others
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