New reports claim sales of non-fungible tokens (NFTs) have sunk 92% since September.
The website NonFungible concluded that the "NFT market is collapsing" after reporting NFT sales declined from a daily average of 225,000 seven months ago to 19,000 this past week. In addition, active wallets -- which are used to store NFTs -- also dropped by 88%.
Online search interest in NFTs has also declined dramatically. According to data from Google Trends, search interest peaked in January 2022 but has since declined by 89%.
The decline was also noticeable during a recent auction of Twitter's co-founder Jack Dorsey's first tweet. Last year, the NFT was purchased for $2.9 million. However, the top bid for the NFT at last month's auction was only $280.
Earlier this week, Elon Musk trolled the NFT community by making his Twitter profile photo a collage of the Bored Ape Yacht Club NFT series. Musk also added a tweet that read, "I dunno... seems kinds fungible."
Musk's tweet attracted the attention of Michael Bouhanna, the co-head of digital art at Sotheby's, who wrote, "@elonmusk, as much I admire your work I'd like you to remove your pfp that I created for our Sotheby's sale. Or you credit me. Happy to send you the original file minted with the buyer approval."
Elon Musk has since changed his Twitter profile.
Scroll above to view Elon Musk's posts.
Source: The Independent
