Well, It Appears The Entire NFT Market Is Collapsing Thanks, In Part, To Elon Musk

Welp, the NFT market is reportedly “collapsing,” and an Elon Musk tweet may be a nail in the coffin. According to a new analysis that dropped this week, NFTs saw their astronomically priced sales plummet 92 percent since September 2021. That’s quite a drop, and not a good sign for the digital tokens that were being aggressively pursued by celebrities, musicians, and the video game industry.

Via The Independent:

Analysis by the website NonFungible, first cited by the Wall Street Journal, found that NFT sales fell to a daily average of 19,000 this week, compared to 225,000 seven months ago.

Active wallets, which are used to store NFTs, also dropped by 88 per cent. The article concluded: “The NFT market is collapsing.”

Following the report on the NFT collapse, Musk fired off a pithy response that could have a devastating effect on the tokens. “I dunno … seems kinda fungible,” Musk tweeted on Wednesday morning.

On Twitter, which Musk is in the final stages of purchasing, the Tesla CEO has repeatedly demonstrated his ability to severely affect crypto markets. In June of last year, he sent the price of Bitcoin plummeting and caused a run on, we kid you not, semen-themed cryptocurrencies. (“Cumrocket” was a particular favorite of the enigmatic billionaire.)

However, according to a recent report, a sizable portion of Musk’s Twitter following are actually spam bots. If the social media company were to fully and effectively them from the platform, Musk would reportedly lose nearly half of his followers. As for whether that would impact his ability to influence crypto markets with just a few words… well, who knows. But sorry about your apes.

(Via The Independent)