Customer interest in digital collectibles continued to decline in March, with global NFTs experiencing a further decline in sales volume.
According to Be[In]Crypto research, while March saw about $2.3 billion in NFT sales volume, it was still a challenging month for the overall space.
This figure is noteworthy as some believe that digital collectibles will eventually replace traditional art, which is still seen as a novelty by millions of DeFi aficionados and blockchain technology experts.
According to Be[In]Crypto, global NFT sales declined by 21% between February 2022 and February 2023, totaling $2.92 billion.
The drop in sales over the last month could affect digital collectibles, as new buyers would compare sales data from previous months to determine whether or not to invest in NFTs. Despite a 493 % increase in global NFT sales from March 2021 to $387 million, the periodical buildup of investor demand for NFTs has failed to reach the previous year’s new highs.
In August 2021, global NFT sales achieved an all-time high. Bored Ape Yacht Club (BAYC) had a yearly peak of roughly $297 million at the time, and NBA TopShot had an outstanding $37 million in sales volume. The total sales volume for the NFT market was in the $4.91 billion range.
The bearish engulfing towards the end of 2021 did not augur well for Global NFT sales, since the entire market follows the price patterns of Bitcoin and altcoins. The August 2021 milestone fell by 33% to over $3.27 billion in September 2021, and then fell by another 46% to around $2.61 billion in the final month of 2021.
Overall, there was a $2.61 billion difference between the all-time high Global NFT sales in August 2021 and March 2022. In just seven months, revenues had dropped by 53%.