NFT sales and floor prices plummet as demand wanes and gas prices soar By Cointelegraph

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NFT sales and floor prices plummet as demand wanes and gas prices soar

The nonfungible token (NFT) sector has seen an explosion of interest all throughout 2021 and the month of August witnessed record-breaking trading volumes as one-of-a-kind digital collectibles sold for prices in excess of $1 million dollars on a regular basis.

As is usually the case in the cryptocurrency ecosystem, hot sectors can cool down in the span of mere hours or days and this appears to be the case for the NFT sector.

NFT sales volume by platform. Source Dune Analytics
Top 5 NFT projects by volume. Source: OpenSea
NFT floor price tracker. Source: Dune Analytics