Engagement with NFTs returned to positivity last month, after a significant dip at the commencing of 2022.
The fall came after a rapid rise in 2021, which led to the assets thriving at the fore of digital currency and the payment space.
That being said, for the first time in months, last month saw a rise once again in NFT sales, according to Tradingplatforms.com, which has been following up on the NFT market.
Highlighting market reports, the firm revealed that the number of sales has increased from 15,846 in March to over 31,977 in April 2022.
Edith Reads from Tradingplatforms.com spoke on the data findings: “The NFT market, just like any other market in the blockchain and crypto scene, is very volatile, and we can expect some more upward and downward trends before they stabilise.”
It led to an increase in the value of NFTs, which were also previously falling at a rapid rate – with it increasing by 7.9% to $47.4 million at the time of writing.
However, this amount is still considerably low, going by previous figures. The total value of NFT sales stood at $95 million in January 2022, indicating a 50% decline in the four month.
Expert Analysis: After the initial boom of NFTs a significant fall felt inevitable, however the recovery of the sector in terms of sale and engagement will be seen as a boost for the sector – especially as the importance of NFTs elevates through the growth of the metaverse.