Like most cryptocurrency projects, 2022 marked a tough year for non-fungible tokens during crypto winter.
Using data compiled from Non Fungible, the NFT experts at Casinos En Ligne have analyzed the change in NFT sales revenue and volume over the past year.
NFT sales saw a downfall of 83 percent year-over-year in 2022, as some exchanges were forced to freeze cryptocurrency assets, including digital collectibles.
Across all the markets including art, gaming, and collectibles, NFT transaction volume has fallen at least 83 percent.
Check out the highlights from the data below.
NFT Sales Decline 83% in 2022 ($2.37bn Drop in Revenue YoY)
The NFT boom appears to be over.
According to data compiled from Non Fungible, the volume of NFT sales has dropped 83 percent year-over-year from January 2022 to January 2023.
The NFT space surged to an all-time high in January 2022 with monthly sales reaching $2.8 billion but that number has since dropped to a mere $492 million in January 2023, a decline of 83 percent.
Several different types of NFT projects have been affected by the decline in sales, including art, collectibles, and games.
NFT Art Sales Drop By $120m In A Year (-87% in Revenue)
The Web3 space has faced some challenging times over the past year but some sectors have been more affected than others.
In particular, the NFT art sector has taken a major hit during crypto winter.
NFT art sales have been steadily dropping over the past year. The number of art NFT sales has halved in a year, dropping from 36,000 sales in January 2022 to a mere 18,000 in January 2023.
Sales volume has also been on the decline. According to the data, the volume of NFT art sales has dropped a whopping 87% year-over-year.
NFT Collectible Sales Drop By $167m YoY (-81% in Revenue)
The NFT collectibles market has also been hurting
In 2022, the NFT collectible sales revenue decrease by 81 percent, dropping by $167 million in just one year.
Collectibles were one of the hottest NFTs on the market but since the decline of Ethererum and Bitcoin, consumers have started to lose faith in digital assets.
This is evidenced by the number of NFT collectible sales, which has also dropped 78 percent YoY.
While the market has been bouncing up and down throughout the year, surges in Bitcoin and Ethereum are expected to revive NFT collectibles like Bored Ape Yacht Club, which is raked in $12.59 million in sales this week.
While that number might seem impressive, sales for the NFT have dropped 47 percent compared to the previous week, marking a bad start to 2023 for the collectibles market.
NFT Game Sales Drop By $326m In A Year (-90% in rev)
Play-to-earn NFT games have drawn a lot of attention to the utility of non-fungible tokens over the past year.
NFT Games are still popular, however, the market was among the sectors that was most severely affected by the drop in value of cryptocurrency.
With Bitcoin now selling under $17,000, NFT game sales revenue has dropped 90 percent compared to last year.
The NFT games sales had been steadily increasing in 2021 but the market has fallen by $326 million YoY. In addition, the number of NFT game sales has decreased by 87 percent.