Crypto portfolio manager and collector say that the NFT market is ready for correction

Crypto portfolio manager and collector say that the NFT market is ready for correction

from the artist Beeple, who sold a nft for $ 69 million in the auction house of Christie’s, to Jack Dorsey from Block, who shaped his first tweet, was the year of the NFT in 2021.

Bullisches Signs until 2022. The NFT marketplace OpenSea (not fungeable) in January with $ 261 million $ ether recorded a record trade volume in one day, according to data from dune analysis . The platform also recorded 546,000 active users - another record high.

Benjamin Cohen, managing partner of the crypto fund Web 3 Equities, told Blockworks, if a market grows "so quickly", it is "fair to assume". [it] will experience great fluctuations and corrections. ”

The billion -dollar industry took a turn in February. The trading volume and the transactions of OpenSea decreased and plunged from 36.9 % or 14.49 % last month, according to blockchain dating daten daten daten daten daten dats target = "_ blank" href = "https://dappradar.com/multiChain/marketplaces/opensea"> dappradar .

nfts generated sales of over $ 4 billion-a decrease of 28 % compared to January. However, the trading volume in the last month is still higher than in November and December.

The searches for "NFT" went back 58 % in February to January

"As with all instruments on the market, I believe that NFTs will experience a correction," Kevin Kang, founding director of the KROPTO HEDGING BKCOIN Capital, told Blockworks. "NFTS will not be immune to the risk aversion on the market, since mainstream art collectors NFTS tend to see as a riskier system."

possible signs of a downturn are the cryptopunk auction of Sotheby’s, in which a pseudonymous supplier withdrew many cryptopunks worth $ 30 million a few minutes before the sale.

Investors can also be deterred by reporting an investigation of the Securities and Exchange Commission, which refer to fractional nfts as potential violations of securities laws.

Stephen Young, founder of the NFTFI marketplace, Blockworks said that the "Money-Grab projects will die in NFTS", but the wider blockchain-based collector market is not.

"[NFT] The prices are a bit crazy, so we are a kind of bladder and foaming phase of the market," said Young. "[NFTS] are simply decoupled from the bladder on the cryptoma market.

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The article Crypto Portfolio Managers, Collectors Say NFT Market Bound for Correction is not a financial advice.