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According to Bloomberg, one in three collections of non-fungible tokens (NFTs) "basically expired" without much trading activity on Saturday (March 26), citing blockchain analytics firm Nansen.
Another third of the tokens have been selling for less than what it costs issuers to mint them. Nansen is said to have examined around 8,400 sets including 19.3 million unique NFTs.
Long-time crypto observers have been reminiscing about the 2018 ICO bust, when thousands of digital tokens swiftly lost value after regulators warned they were possibly unregistered securities.
NFTs are similar to ICOs in that they became extremely popular in crypto, with speculators trying to profit from the increased attention and rising prices. The similarities were “uncanny,” according to an anonymous collector identified as WhaleShark in a Bloomberg piece, and the reasons were “rapid flows of money and naive buying into the space.”
According to the research, NFT sales have been dwindling recently, with the 30-day sales volume down 40% from the prior month. The trade volume on OpenSea, an NFT platform, has dropped by 67 percent in the last month.
Industry insiders believe the drop is due to a cooling of NFT demand, rather than a crash.
Madonna is a newcomer to the NFT field, according to PYMNTS, having purchased one from the famed Bored Ape Yacht Club collection, which has become a well-known variety of NFT.
Madonna has joined a group of celebrities who have purchased NFTs that includes Eminem, Paris Hilton, and Justin Bieber, and the purchase was valued at $500,000 on Friday (March 24).
According to the claim, Madonna tweeted on Instagram and Twitter, “I finally entered the MetaVerse,” changing her avatar to a cartoon monkey. “I’ve got my very own Ape!”
MoonPay, a cryptocurrency company that allows users to acquire NFTs, was also thanked by the artist. “Everyone needs protection from the Evil Eye,” she remarked.