The latest mania surrounding non-fungible tokens (NFTs) is seemingly cooling off as sales revenues have decreased nearly by half in just one week, blockchain data and news outlet PANews pointed out today.
NFTs are a special type of non-interchangeable tokens that have taken the world by storm over the past couple of months. Unlike “common” cryptocurrencies, each NFT is unique and scarce—qualities that are highly valued by collectors. NFTs can contain all kinds of digital data such as artworks, music, photographs, videos, and so on—or even combinations of them.
Per the report, daily revenues from sales of NFTs have declined by 42.43% over the last week—from $79.62 million on April 14 to $45.26 million on April 21. This suggests that collectors are becoming less eager to pay thousands or even millions of dollars for digital certificates of ownership that NFTs represent.
