As seen by the entire globe, the bears have been dominating the crypto space for quite some time now. Therefore, things in the industry have been quite dull. Non-fungible tokens or NFTs rose to fame in 2021 and with several predicting that it is the future, the bear market proved otherwise.
However, it seemed like this trend was changing as NFT sales witnessed a spike for the very first time in the last seven months. November turned out to be an eventful month for these tokens as their sales surged by 13.2 percent when compared to October.
As seen in the above chart, April 2022 was a great month for NFT sales. But things went down soon after. While the bear market persisted, NFTs managed to steer away.
Out of all the other months, November in particular was quite detrimental to the industry. The downfall of the FTX empire kick-started a downward spiral that pushed Bitcoin [BTC] to its two-year low. Therefore, the rise in NFT sales came as quite a surprise to many.
Are NFTs coming back from the dead?
While NFTs did garner a lot of hate, several pointed out how artists acquired a brand-new source of income. The fervor around this particular industry was so high that mainstream platforms veered in. Sadly, this trend did not persist. With the world’s largest NFT marketplace, OpenSea recorded a downfall of 97 percent in trading volume back in September, NFTs were declared dead.
The volumes had plummeted from a high of $17 billion to a low of $466 million earlier this year.
While the latest surge was certainly lauded, an 18.75 percent drop in individual transactions was also recorded. As a result, it would be too early to decide if NFTs were making a comeback.
Nevertheless, the monthly volume of Ethereum on OpenSea was increasingly low. With the ongoing bear market, this trend is expected to persist.