Sales of non-fungible tokens dropped sharply in the third quarter, according to blockchain tracker DappRadar, as crypto investors hunker down for a 'crypto winter' and demand for the highly speculative digital assets shows little sign of returning.
"I think what's unique about this environment is it's the intersection of both the macro economic downturn and the crypto winter," said Devin Finzer, CEO of OpenSea, which is backed by investors including a16z.
"The previous crypto winters were a little more isolated to just crypto prices so for that reason, I think it's wise to be conservative about how long this could last." But he said the company is in a "good spot financially" and he is excited about the potential of NFTs in the longer-term, describing the downturn as a "building phase".
Weekly NFT buyer numbers have more than halved from their peak in late January, according to market tracker NonFungible.com., sales numbers have dried up, with NFT sales at Christie's, Sotheby's, Phillips and Bonhams combined at 8.4 million pounds year to date, down from 127 million pounds the same time last year, according to data from Art Market Research.
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