The market data analysis confirms that the nascent non-fungible token sector suffered a brutal downturn in 2022 following the general crypto market winter that froze many crypto assets and digital collectibles.
According to data compiled by CryptoPresale.com, the trading volume for digital collectibles across all sectors, from digital art to blockchain gaming, has plunged almost 80% year-over-year in 2022.
The crypto bear market also pushed the global NFT sales more than 76% below its peak season in late 2021, reaching just $638 million in December. The bear market didn’t spare the flagship crypto, Bitcoin (BTC), either, pushing it to trade below the $17,000 level for months.
NFT Transactions Fell 38% YoY In 2022
It’s worth noting that the investor’s confidence, lack of regulatory clarity, theft, and scam were additional drawbacks in 2022. These factors and the bear market jointly pushed the number of transactions to fall by 38% in 2022.
Data acquired from CryptoSlam confirmed that the total monthly NFT sales hit nearly $2.8 billion in December 2021 before soaring to an all-time high of $4.77 billion in January 2022. However, the monthly NFT sale consolidated above $2.5 billion in March.
Unfortunately, the NFT monthly sales significantly dropped for the next six months, failing to even break the $500 million level in October for the first time since July 2021. Nonetheless, the NFT market recovered and recorded $ 534 million in November 2022.
According to a short analysis, the average monthly sales dropped to just $144 million in December, down from $384 million in the same month in 2021, representing a 62% drop year-to-year. The number of NFT transactions dropped 38% to just 4.4 million in December.
Active Crypto Wallets Dropped By 80% In 2022
In addition, alongside a significant drop in monthly and global NFT sales, the NFT market experience a massive downtrend in the number of active wallets. Based on a short analysis, the wallet count dropped to just 13,000, representing an 80% decline from 2021.
Elsewhere, the number of unique NFT buyers shrunk, dropping to just 469,000 in December 2022 compared to more than 1 million in December 2021. On the other hand, the number of unique sellers fell to around 453,000 in December 2022, down from more than 1 million in December 2021, representing a 46% drop YoY.
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