In a previous article, the price of NFT was found to have declined by 70% and invites question marks if the market is already starting to enter a bearish phase. There are also investors who expect the market is facing a correction, proving the NFT is bubbling.
For the record, the average NFT price soared in February to its peak around $ 4,000. However, sales saw a decline to a record $ 1,500.
NFT sales volume also dropped from 80,000 in early March to around 40,000 on March 29th. Due to that, the price of NFT was also affected, explaining the increase in interest rates among new buyers.
The average price of the three most expensive NFT types on the market peaked around $ 95,951 last month before declining nearly 53% in a few weeks.
However, the value of NFT is the same as the price of other crypto tokens - there is instability over time.
Experts say this gloomy trend will push the value to a reasonable level. Most importantly, market stability is very important for professional investors who view NFT as a long -term investment.
The site nonfungible.com explains that this trend is still not fully suitable to be called a market crash because in general, the current average price of NFT is 10 times more expensive than six months ago.
Chief investment officer of crypto firm, Arca, Jeff Dorman revealed the NFT market will grow even faster. In fact, it is not impossible if companies and projects that focus on NFT development and trading will be big winners.
