Indeed many of you remember last year’s “boom” of the NFT industry when many people around you owned any type of NFT, which is why many crypto exchanges decided to add an NFT exchange to their services. This frenzy was so big that NFT even became the word of the year 2021. Today, however, the situation is diametrically different, and total NFT transactions on the Ethereum platform have reached a five-month low, and so far it does not seem that the industry should take an other direction.
Total transactions on the Ethereum platform fell below 1 million in August, to 998,433 to be precise. As confirmed by Cryptoslam, in other words, this means the aforementioned five-month low along with a thirteen-month low of their actual sales. Leading NFT brands took a similar poke, with the Bored Ape Yacht Club (BAYC) collection, for example, seeing a significant drop in sales, falling from 438 monthly unique buyers to 263, marking a 16-month low. Therefore, many analysts and experts wonder if the NFT industry has not seen its best days. However, we will have to wait for the answer to this question.