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September 23, 2021

NFT Market Cools

"Data from OpenSea suggests that 73.1% of NFT assets had only one transaction in the past 90 days. Furthermore, daily sales data from Nonfungible suggests a decline from a high of 138K (8/30/21) to 42K (9/21/21).

This is quite concerning for NFT collectors, especially in a market with highly speculative purchases and transactions. With the success of CryptoPunks, many investors were jumping into the next NFT project hoping it was a 100x trade. But most projects are highly illiquid and many have lost most of their value. Without legitimate backing or roadmap in place, many projects seemed like quick cash grabs. This is shown in the fact that 3% of NFT Collections made up 97% of all dollar value transactions. Blue-chip names seem to be holding their value, but the broader NFT market may cool for now."

-Harsharn Singh, Investment Associate @ Ember Fund

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