NFT Digital Asset Trading Drops Over 90%: What’s Happening?

A few months ago, buying, selling and owning works associated with non-fungible tokens, NFT was considered an attractive investment channel when the value was continuously increasing, more and more investors participated. family.

However, after peaking with a trading value of nearly 400 million USD/day, there were times when NFT digital assets were traded on OpenSea – one of the largest NFT exchanges in the world until early September. has decreased by more than 90%, to less than 10 million USD. Is the same thing happening in Vietnam? Is it time for the end of the NFT digital asset craze?

There were times when there were transactional works on AvatarArt that reached more than 1 billion dong, but now, the total transaction value across the system has also decreased by tens of %. Statistics from the analysis tool DAppRadar show that the volume of transactions is still at a stable level, but the cause of the market’s decline is because the value of each transaction has decreased significantly.

“We see a very slight drop in demand somewhere, but the price impact is very deep, which shows that maybe in the past maybe people were expecting too much, too Fomo on the prices of the products. this,” said Mr. Dao Hoang Thanh – Chairman of the Investment and Application Committee, Vietnam Blockchain Association.

Currently, the level of interest and NFT transaction volume in the Vietnamese market is less than 50% compared to before. Those who invest short-term with the expectation of getting rich seem to have left the game.

However, according to experts, this is a period when any market is affected by the general difficulties of the world economy. NFT itself is also in the adjustment period to focus on applications.