NFT is actually thriving. Once again, the Wall Street Journal makes a fool of itself by tackling subjects beyond the publication’s comprehension. The author declares “the NFT market is collapsing,” citing suspicious numbers and two cases of bad trades as proof. The author then adds a horrible theory. The “NFT Sales Are Flatlining” article is embarrassing beyond belief.
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This is, among others, the worst NFT definition ever created:
“NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.”
No, NFTs are not “bitcoin-like” at all. And the WSJ just forgot about the “non-fungible” aspect of these unique digital assets. Yes, somebody bought an NFT of Jack Dorsey’s first tweetAnother person purchased a Snoop Dogg-endorsed Snoop Dogg for $22.9M. The two tried to put the digital assets up for auction but received only embarrassingly low offers. These two cases suggest that the entire NFT market has been wiped out by the WSJ.
https://twitter.com/srussolillo/status/1521530100491165698
The WSJ bogus NFT Market numbers
The Wall Street Journal has probably access to more data than NewsBTC, but that is a fact. The numbers used to show that the NFT market has died are not only suspicious but also a bit skewed.
“The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.
The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November.”
Notice that they don’t link to NonFungible and provide a few low-resolution graphs that the normal eye can’t audit. However, everyone can Visit NonFungibleIt is not comparable to what the WSJ reported. It shows that May 3rd saw 104.465 sales, which is $206B. There are no signs of an NFT-free market. Although the April 3rd sales total is around 14K, NFT sales were a staggering $778B with 117K sales on May 1.
That’s not it. These statistics are presented by the WSJ to support its argument.
“The imbalance between supply and demand is also hurting the NFT market. According to Chainalysis data, there are approximately five NFTs per buyer. As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people.”
Are they openSea veterans? There are many collections. NFT enthusiasts have dozens of pieces. Sometimes, hundreds. Sometimes, thousands. And that’s just one platform that serves one blockchain. There are five NFTs per buyer.
Source: BTC/USD tradingView.com| Source: BTC/USD on TradingView.com
The Wall Street Journal’s Off The Mark Theory
This is the absurdest part of the article. Let’s let the author bury himself:
“There are signs that collectors may also differentiate between NFTs that catalog a vast set of cartoonlike characters—like the CryptoPunks—and tailored, NFT art projects spurred by major artists who already enjoy museum followings.”
And then he talks about Jeff Koons and Chinese artist Cai Guo Qiang, who sold out NFT collections, and director Kevin Smith, who’s planning to. Meanwhile, The NFT Market is on Fire with Moonbirds and the Bored Ape’s Anotherside practically broke Ethereum. We’re talking billions of dollars for the “cartoonlike characters” team. It’s not just that. Nightly Mint is a good choice towards Nansen’s numbers.
https://twitter.com/nansen_ai/status/1521547898181210112
They clearly show that “the last two weeks are both set to be among the top-10 in history (measured in ETH).” And that “the Blue Chips and Social sectors are on a tear, up 81% and 83% YTD.”
What game, then? This is a case where the Wall Street Journal has done poor research, or there are clear signs of malign intent. That’s for you to decide, dear reader.
Philip Strong, Charts by TradingView Featured Photo| Charts by TradingView