NFT buyers have fallen to less than 800,000, breaking a streak that lasted for three months, with CryptoSlam describing this as a “mini-bear market.”
In February, the NFT marked registered just 796,000 unique clients, which represents a 12% month-over-month dip from the ATH that was recorded in January.
Compared to January’s $4.4 billion sales volume, the month of February also registered a fall of 40%.
As a result of the Russian invasion of Ukraine, the market is in uncertain waters, but NFT investors hope that NFTs will prove they were worth the hype, just like crypto proved to be worthy during the market crash in March 2020.
Yohann Calpu, the chief blockchain officer of CryptoSlam, declared:
“Historically, NFT bear markets are very short-lived, and given the 70x of NFT sales since Nov. 2020, a cool off is expected. Culture, music, art, gaming, and collectible NFTs are about to stand a test in market conditions, one which will be another defining point in time like March 2020.”