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Art NFTs in free fall: trading volume is shrinking dramatically!
The NFT market is recording dramatic losses: trading volume fell by 93 percent. Critical analysis of the reasons and consequences.
Art NFTs in free fall: trading volume is shrinking dramatically!
The market for Non-Fungible Tokens (NFTs) has lost significant importance in recent months. According to reports from finanzen.ch and finance.net The trading volume for NFTs has fallen by an impressive 93 percent since 2021. In 2021, the trading volume for art NFTs was around $2.9 billion, while in 2024 it was only $197 million.
It is also reported that around 79 percent of the 73,000 NFT collections are almost worthless. Only about a fifth of these collections were sold in full, while the majority remained either unsold or incomplete. The market suffers from an oversupply of projects that experience little demand and offer little substance or artistic quality.
Price decline and market conditions
The average price of an Ethereum art NFT has fallen from around $2,000 in 2021 to around $645. This decline is being fueled by dwindling demand, and external market conditions are not the only factor. The NFT boom is receiving increasing criticism because many projects came onto the market without a sustainable strategy and without conceptual depth. Additionally, there is a lack of regulatory standards, leading to growing skepticism about the long-term relevance of digital art objects in blockchain form.