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NFT Trading Volumes Collapse 97% From January Peak

The fading NFT mania is part of a wider $2 trillion wipeout in the crypto sector.

The fading NFT mania is part of a wider $2 trillion wipeout in the crypto sector.

Photographer: Gabby Jones/Bloomberg
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Trading volumes in nonfungible tokens -- digital art and collectibles recorded on blockchains -- have tumbled 97% from a record high in January this year. They slid to just $466 million in September from $17 billion at the start of 2022, according to data from Dune Analytics. The fading NFT mania is part of a wider, $2 trillion wipeout in the crypto sector as rapidly tightening monetary policy starves speculative assets of investment flows.