NFT Prices Tumble As Crypto Investors Place Big Bets On Bitcoin And Ethereum ETFs
The NFT market is experiencing a decline in popularity and prices. Google searches for NFTs are at their lowest since 2021. NFT sales have dropped by over six percent to $8.5 billion in the first five months of 2022 compared to the same period in the previous year. Popular NFT collections have seen significant price declines, with some down by 40-50% year-to-date. The market correction is attributed to investors reallocating their investments into Ethereum and away from NFTs. While some individual collections have shown positive returns, overall market sentiment suggests a continuation of the NFT market correction. Magic Eden is one platform that has shown resilience amidst the challenges faced by the NFT market. ETH is trading at $3,480, with a 5% drop in the past 24 hours and over 8% in the past seven days.
