The NFT marketplace peaked on May 3, when $102 million worth were sold in a single day. Crypto-collectibles accounted for $100 million of those sales, but according to data analyzed by Protos, just $19.4 million in NFT sales (including $9.2 million in crypto-collectibles) were processed in the past week: a near-90% collapse from the market’s peak just one month ago.
This is clearly bad news for collectors of crypto-collectibles, and you will hear lots of people proclaiming that “NFTs are dead!” Remember: an NFT is a specific type of smart contract. While all crypto-collectibles are NFTs, not all NFTs are crypto-collectibles. Smart contracts are a core component of decentralized finance (DeFi) transactions, and the world of DeFi is just getting started.
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