March Wasn’t So Hot for NFTs – or So The Numbers Say

Ho-hum, March had a bit of a chill for non-fungible token (NFT) sales. Accordng to some nifty data-crunching by the team at NonFungible, total NFT sale proceeds for March were lower than the month before, dropping off to a still-impressive (but still one-third lower) $882 million.

So What Drove the NFT March Slump?

Well it appears the pendulum swung in the other direction after February’s record-breaking month of $1.3 billion in sale proceeds. Though it’s still unclear what might have chilled (ahem) those sale proceeds, some believe that NFT sales in March just weren’t as inspired in general:

  • Perhaps buyers were simply “NFT’d out” from their purchases of February.
  • Perhaps the greedy were feeling down in the dumps after their significant investments.
  • Perhaps the market is just being naturally turbulent.

Whatever the cause, it looks like NFTs are settling at a more realistic market price for the time being.

Is This the End for NFTs?

Oh heavens, no. The year-to-date sales figure for NFTs is still a remarkable $2.2 billion and rising—necessity proving that this market is far from dead. There’s still very much a demand for these unique digital collectibles and they’re certainly here to stay.

Pace Yourself, Folks

So if you’re looking to get involved in the NFT game, take a lesson from March’s dip in sale proceeds: approach this new digital scene with some caution. The ebbs and flows of the market are still being felt and are likely to continue in the coming months. So maybe put your money where your mouth is only moderately and never fear — the market will rise again!