As cryptocurrencies continue to bleed value, the value should flow into NFTs as a “safe haven.” But, unfortunately, it seems likelier we are amid an NFT market crash. Despite some high-value sales, all crucial metrics have significantly decreased in the past month.
The NFT Market Crash Outlook
It isn’t too challenging to see why people would think the current status quo is part of a broader NFT market crash. There is no shortage of new projects landing on OpenSea or other marketplaces, but there seems to be little excitement. Some top-tier projects continue to note strong and substantial sales, but that doesn’t mask the overarching downtrend in this industry.
One can analyze the “health” of the NFT market through several crucial metrics:
- Primary vs. Secondary Sales
- Unique Buyers and Sellers
To avoid an NFT market crash, at least one or two of these metrics should yield positive momentum. Sadly, that is not the case, as all key metrics have been in a downward spiral this past month. Not by a small fraction either, as everything has dwindled by at least 38%…