The Wall Street Journal claims that NFT sales are stagnant, but it's crucial to examine the actual data to get a clearer view.
The Wall Street Journal seems to present an incomplete narrative by relying on data from Nonfungible that suggests NFT sales are in decline, when on-chain data actually points to a resurgence.
The business journal published an article Despite claims that the NFT market is collapsing, the previous week saw record-breaking sales. The WSJ noted a 92% decrease in daily average sales compared to the peak, dropping to 19,000 per day from around 225,000 in September of 2021.
The reality on the ground tells a different story. Over the past month, NFT collections like Moonbirds, VeeFriends, Okay Bears, Ragnarok Meta, and Otherdeed for Otherside have made a strong impact in the marketplace with impressive sales figures.
Data from the WSJ indicated that on April 30, 2022, daily NFT transactions were only 17,416. Yet, this was also the day when Otherside's metaverse sold out a staggering 100,000 NFTs (Otherdeed), leading to such high demand that Ethereum temporarily crashed.
The Wall Street Journal's article lacked specific details on pricing in either USD or ETH. Still, it highlighted that September 2021 saw the highest number of NFT sales, while this week's sales volume peaked at $467 million. Notably, OpenSea saw a surge in sales following the highly anticipated launch of Otherdeed NFTs by Yuga Labs.
Need more proof? Here’s data by Dune Analytics The recent data suggests a noteworthy increase in NFT sales over the past few weeks.
Nansen’s analytics platform recently shared figures on Twitter illustrating the weekly trading volume from March 2021 to April 2022. The chart clearly shows that the last two weeks were among the highest ever recorded for NFT trading volume, with transaction counts and user engagement on NFT platforms steadily climbing since the beginning of the year.
The WSJ article also reminisced about how Jack Dorsey’s first tweet was sold as an NFT for $2.9 million back in 2021. The new owner recently put the historic tweet up for auction, but the highest bid only reached $14,000. The journal touched on some failed projects that resulted in major losses for NFT investors. Nevertheless, savvy market players are typically aware of which NFT projects have potential and which do not, enabling them to avoid traps that might ensnare less informed investors. While challenges do exist in the NFT landscape, the situation is not as bleak as The Wall Street Journal portrays. rug pulls SuperRare is celebrating its new Soho pop-up with an inaugural group exhibition.
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In line with the Trust Project guidelines Agne is a journalist focused on the latest trends and developments within the realms of the metaverse, AI, and Web3 industries for the Metaverse Post. Her enthusiasm for storytelling drives her to conduct numerous interviews with experts in these sectors, always on the lookout for exciting and engaging narratives. Agne holds a Bachelor’s degree in literature and boasts a solid background in writing on diverse subjects, including travel, art, and culture. Additionally, she has contributed as an editor for an animal rights organization, helping to increase awareness around issues of animal welfare. You can reach out to her on
