NFT Market, was it a fad or will it come back?

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"Over the Edge" by Michael Barone

It wasn't long ago that I wrote a long post about how the art world might change with the advent of the NFT market. Non-fungible tokens seemed like they could be another way for artists to get their art, not only out in the world but sold. Well, a recent article might have something else to say about that.

"On May 3, the NFT market reached a peak with $102 million USD worth of Non-Fungible Tokens sold just that day. But looking at sales data from the last week of May, only $19.4 million USD in NFT sales was processed. Compared to the $170 million USD in NFTs transacted the week of the peak, the market saw a 90 percent drop.
Although NFT collectibles like CryptoPunks and Hashmasks are still going strong, there looks to be a shift from crypto-art to “metaverse” NFTs.
It is also important to note, the number of active NFT wallets has dropped from over 12,000 at each NFT category to just 3,900."


So as it looks from the data, the art market is safe from the wild world of Cryptocurrency and the NFT market.

I'm not sure about you, but I am going to continue to sell my artwork on traditional websites and in person galleries.





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