NFTs sales have reportedly declined by 60 per cent in the third quarter of the year.

According to blockchain tracker DappRadar, sales hit $3.4 billion during the period, down from $8.4 billion in the previous quarter.

NFTs are unique tokens, which cannot be replicated, that exist on a blockchain. The tokens can represent real items like artwork or music and can be traded with a transparent transaction history.

The figures come after the publication of a study which predicts that global NFT transactions will increase from 24 million this year to 40 million by 2027.

But according to a report by Reuters, demand for the tokens is unlikely to return to the peak levels recorded at the beginning of the year when sales reached $12.5 billion.

While budding NFT markets took advantage of cryptocurrency price increases last year, these conditions changed significantly in 2022 when inflation rates drove buyers to avoid risky assets, said a Reuters report.

Market tracker NonFungible.com says that weekly NFT buyer numbers have more than halved this year, while sales on NFT marketplace OpenSea dropped for a fifth month in a row in September.

Share Story: