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Is the NFT Market Dying?

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Elon Musk isn’t one to keep his opinions close to the chest and the subject of NFTs is no different.

Musk is an established fan of cryptocurrency, known by some of the ‘Dogefather’ for his Dogecoin tweets, which have been known to move the price of the digital asset. However, NFTs have failed to meet his approval and have been the subject of a series of negative tweets.

And Musk isn’t alone in his lack of interest.

In September 2021, 225,000 NFTs were sold every single day. More recently, that number is closer to 19,000, according to data from NonFungible. The number of active wallets in the NFT market has also fallen significantly, down about 88% in the same period.

FULL VIDEO TRANSCRIPT BELOW:

Elon Twitter fingers might be taking aim at the NFT space, in a not so favorable way.

It’s your boy Ross Mac and this is what cryptocurrency investors are watching on Friday, May 6.

Are NFTs dying?

This time, Twitter’s meme king woke up and decided to troll NFT owners with a new profile pic made from screenshotted Bored Apes and a tweet saying “I dunno … seems kinda fungible” This isn’t the first time Elon Musk has been critical of NFTs and certainly won’t be the last.

See, NFTs exploded onto the scene in 2021, but have since died down significantly. According to data from NonFungible, In September 2021 225,000 NFTs were sold every single day. Today, that’s more like 19,000. In case you need help with the math, that’s down 92%. The number of active wallets in the NFT market also fell significantly, down about 88%. Not only that, but Opensea downloads are down 94% as well.

What it all means is that right now, NFTs are slowing down. Is this the end of times, or is this a temporary blip on the radar?

It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.

TheStreet's Crypto Minute is brought to you by Blockchain.com.

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