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Are NFTs Dead? Mega Collector Pranksy Says Not Yet

Renowned NFT collector Pranksy recently expressed optimism regarding the future of NFTs, pushing back against the prevailing notion of their decline.

As an early NFT investor with a substantial following and collection, Pranksy engaged his audience in a recent post, querying his followers about their most recent NFT purchases.

The post garnered nearly 118,000 views and over 500 replies, prompting Pranksy to affirm that the NFT sector remains vibrant.

“500 genuine replies, there is life in the old girl yet,” he remarked in response to the initial post, indicating his belief that the NFT market continues to thrive.

NFT Trading Data Tells a Different Tale

Pranksy’s positive outlook contrasts sharply with data from CryptoSlam, which presents a more nuanced view of the NFT market.

In May, global NFT sales amounted to $604 million, marking the lowest monthly performance since October of the previous year. This also marked the first month in 2024 where sales fell below the $1 billion threshold.

Ethereum, the primary blockchain platform for NFT transactions, saw a decline in sales as well, totaling $164 million, the lowest since September. Concurrently, Ethereum experienced a notable decrease in the number of unique buyers.

According to CryptoSlam, Ethereum had 56,914 unique buyers in May, the lowest count since June 2021. These statistics underscore a more complex landscape for NFTs despite Pranksy’s optimism.

The downturn in NFT sales affected not only Ethereum but also the Bitcoin network, which reported $160 million in monthly sales, its lowest since October. Both buyer and seller counts on the Bitcoin network reached their nadir for the year.

However, amidst this broader decline, Solana emerged as a standout in terms of activity. Despite its monthly sales dropping to $93 million, the first time below $100 million since November of the previous year, Solana set new records for monthly unique buyers at 346,229 and sellers at 594,555 addresses.

Despite this robust user engagement, the average price of NFTs on Solana is declining, with the average monthly sales value hitting $37.8, marking the lowest point recorded this year.

Falling NFT Floor Prices Despite Bullish Crypto Trends

Despite the bullish trends in the broader cryptocurrency market in 2024, major NFT collections have seen substantial declines in their floor prices:

1. Bored Ape Yacht Club (BAYC): Once a leading name in the NFT space, BAYC’s floor price has dropped sharply from its peak of 153 ETH to approximately 8.99 ETH.

2. CryptoPunks: This iconic collection’s floor price has decreased from 125 ETH at its peak to 25 ETH.

3. Pudgy Penguins: Known for its 8,888 penguin avatar NFTs on Ethereum, Pudgy Penguins’ floor price has fallen from 22.9 ETH to 8.99 ETH.

4. Azuki: A popular anime-themed collection, Azuki has seen its floor price decline from 31.8 ETH to 3.09 ETH.

5. CloneX: Launched by RTFKT, CloneX’s floor price has decreased significantly from 19.5 ETH to 0.36 ETH.

These decreases highlight a notable retracement from the peak of the NFT boom, contrasting with the positive trends seen in other sectors of the cryptocurrency market.

Companies Drop NFT Features

There has been a noticeable trend of companies stepping away from the NFT space recently.

In March, Starbucks, the well-known multinational coffee chain, decided to end its NFT rewards program.

In January, GameStop, a gaming retailer, announced the closure of its NFT marketplace after reducing its crypto services over the past two years.

More recently, X, owned by Elon Musk, discontinued a feature that allowed premium users to use NFT images as their profile pictures.

Despite the waning interest in the NFT space, there have also been some positive developments.

Last month, Cristiano Ronaldo, the renowned Portuguese footballer, announced his collaboration with Binance for the launch of his fourth NFT collection.

The collection, launched on May 29 on the Binance NFT Marketplace, celebrates Ronaldo’s illustrious career, featuring highlights from his football journey.

However, it’s important to note that Ronaldo has faced legal challenges concerning his NFT collection sales with Binance.

In November 2023, Ronaldo was sued in a United States district court in Florida in a class-action lawsuit.

The plaintiffs alleged that Ronaldo actively participated in the offering and sale of unregistered securities in collaboration with Binance. They argued that Ronaldo should have been aware of Binance’s involvement in such activities.

Conclusion

In summary, Pranksy’s optimism regarding the future of non-fungible tokens (NFTs) is noteworthy given his status and experience; however, the data from CryptoSlam paints a more nuanced picture. The general decrease in trading volumes and declining floor prices of leading collections underscore the challenges confronting the market in 2024.

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