# NFT price decline since February
On the 4th (local time), Bloomberg researchers Joanna Osinger and Sunil Zagtiani came to this conclusion after analyzing the trend of NFT prices. According to Nonfungible.com, on February 22, the average price of NFT surpassed $4,000 (4.51 million won), recording an all-time high. Since then, it has plunged by 70%.
The uptrend continued until early March. The price of the NFT token reached its peak when Beeple’s digital art pieces were sold for $69 million (KRW 77.8 billion). Tron’s founder Justin Sun bought Picasso and Andy Warhol’s masterpieces worth $30 million (33.8 billion won) through the NFT fund he founded.
As of February 21, The Block, a media specialized in cryptocurrency, said that the NFT weekly trading volume was $196.4 million (2226 billion won), of which $125.3 million (64%, 141.4 billion won) came from the NBA Topshot. Six weeks later, on March 28, the NFT transaction volume declined to $34.2 million (KRW 387 billion). The NBA Topshot still accounted for almost half of the total NFT trading volume, but the NBA Topshot trading volume also declined to $152.3 million (17.2 billion won).
NBA top shot weekly users also declined. The Block said this is a notable record as users of this platform have accounted for more than 90% of the total NFT platform in recent weeks. From March 21 to 28, the number of NBA top shot users decreased by 70%.
# “Even so, NFT is not a bubble”
The Block said, “NFT weekly trading volume, number of users, and transactions are all on a downtrend, but it is not yet known whether the craze has passed, and we need to check back in a few weeks.” Bloomberg reported that the NFT couldn’t be treated as a bubble.
“NFT is not a bubble,” said Chris Wilmer, a professor at the University of Pittsburgh and author of a famous blockchain book. There will be mania and irrational enthusiasm, but just as cryptocurrency has been with us for a long time, so will NFT.”
# Accelerate entry into the NFT market
YouTube said that more and more blockchains are launching their own NFT projects this year. Tezos has launched an eco-friendly NFT marketplace. Domestic companies are also throwing their mark on the NFT market. Wemade Tree, Danal Fintech, and Milk Partners’ parent company Key Inside expressed their intention to enter the NFT market. Ground X provides various service platforms based on NFT.