The collection of several different nonfungible tokens(NFTs) had their floor prices fall pretty drastically this year. Additionally, the increasing popularity of NFTs was not seen in the year 2023, as even the most popular collections failed to gain any traction.
Overview
During the years 2021, and 2022, the sales of NFTs soared, as many prominent celebrities and influencers were promoting, and even making their own nonfungible tokens. This has not been the case in 2023 however, as even the most popular collections saw their sales volume drop an astonishing amount.
Decreased Sales
One NFT company that is prominent in the community revealed just how much the sales of their most popular nonfungible tokens have fallen. One of the company’s collections known as The Doodles Collection saw its floor price to decline roughly 90%. The sales volume for this collection was valued at $53 million in April 2022. Just a little over a year later, the same collection is valued at just $2.4 million.
Another NFT collection that didn’t take off in 2023 is known as MoonBirds’. The Floor Prices fell 94% for the collection. After having a sales volume of $484 million after its initial launch last year, the sales volume for the collection is now valued at $3.1 million. These are just a few examples of prominent NFT collections that suffered greatly so far in 2023.
Wrap Up
We will have to wait and see if NFT sales will continue to decrease in 2023, or if they can somehow regain some popularity again. Whether or not nonfungible tokens are just a trend of the past, remains unknown for the time being.