An article in the Wall Street Journal has claimed sales of non-fungible tokens (NFTs) are “flatlining” — in the same week that the top five collections alone accounted for more than $1 billion in primary and secondary sales.
The article cited data from NFT market analysis platform Nonfungible suggesting the number of NFT sales has fallen by 92% since an all-time high in September 2021. Wallets active in the Ethereum (ETH) NFT market were also said to have declined by 88% since a high in November 2021.
“The NFT market is collapsing,” the article concluded.
However, onchain data from Dune Analytics’ dashboard suggest that the NFT market is still robust, with information showing that NFT users and transactions are much higher than what’s reported by Nonfungible.