NFT Trading Volumes collapsed 97% from $17 billion to just $504 million

According to Dune Analytics, the trading volume of non-fungible tokens have literally collapsed from the levels recorded last January.

Trading volumes in NFTs have tumbled 97% from a record high in January this year, Bloomber report.

According to data from Dune Analytics monitored on platforms like OpenSea, NFTX, Larvalabs, LooksRare, SuperRare, Rarible, and Foundation, trading volume for NFTs dropped to just $504 million in September from $17 billion at the start of 2022. The platform also report a slid of over 42,000 total traders in September 2022, compared to a peak of over 66,000 recorded in March. 

Earlier on August, OpenSea – the world's biggest marketplace for NFTs based on daily volumes – has also reported a massive 99% drop in transaction volume from its record high in May, according to data from DappRadar, with floor prices and users falling.

Bloomberg points the fading NFT mania to a wider, $2 trillion wipeout in the crypto sector as rapidly tightening monetary policy starves speculative assets of investment flows.