In a report of Nansen, the number of NFT buyers was in February and although there are collections that continue to have a high value, the decrease in sales indicates that the public has quickly lost interest in acquiring one of these pieces.
According to WhaleShark, consulted by Xatakaone of the largest holders of NFT, this effect could be assimilated with the Initial Coin Offers (ICO) bubble in 2018, where the money initially flows fast until they realize that the ecosystem is full of “bad apples”.
The ICO was a financing mechanism that uses blockchain, the technology behind Bitcoin or NFTs, to raise funds through the sale of new crypto assets created by a company.
The ICO boom began in the middle of 2017, when the method became a multi-billion dollar industry. By 2018, 55% of the initial offers of crypto assets were not fulfilled. The imbalance led ICORating to conclude that “the quality of the projects in general has worsened significantly”, as larger sums of money flowed into smaller amounts of business.
“Money flows too fast and meaningless,” WhaleShark said of NFTs.
For the moment, the lack of buyers it has cooled the expectations of the market, waiting for the “bubble to burst” that made them grow like foam when artists were interested in acquiring one.
On the other hand, there are those who started selling their NFTs at a lower priceas referred fortune about the case of someone who sold a Bored Ape Yacht Club for $224,000, or about $68,000 less than it cost him. Still, there is no single factor that determines why they lost their value.