"The Market Is Collapsing" Says WSJ, Here's What Data Has To Say

2022-05-04 | Selina Mathew

"The Market Is Collapsing" Says WSJ, Here's What Data Has To Say

The write-up in which WSJ says that the NFT market is collapsing it's just a statement on the epidermis of the entire market as it doesn't show the entire movie revealing that a contrasting analysis is taking place. The facts that have been listed in an article in the Wall Street Journal have proclaimed that the sales of NFTs have been going unchanged whilst in the very same week the top 5 collections of NFTs have alone accounted for more than $1 billion. The article came into the limelight with the fact that NFT sales have fallen by 92% being an all-time high in September 2021. However, data from the Dune analytics dashboard suggest that the NFT market is still in good condition with information showing that NFT transactions are much bigger than what has been reported by Nonfungible. Data analysis has also shown that the amount per day in USD on Ethereum and over the entire week has given some of the biggest returns since February giving nearly $550 million on the 1st of May itself.

All and all the data implies that the sub-sectors inside the NFT market have been emerging with major gains whereas oversaturated markets are in a downturn. While the current debate has focused on Ethereum NFTs, Solana is now a fast-becoming blockchain for NFT and it is also the second-largest blockchain behind Ethereum for NFT sales volume. The previous week, the Solana NFT project was on top of the list of Opensea's 24- hour sales tracker for the very first time and held 4th place on CryptoSlam with around $47 million transacted.

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