Lorenzo Melendez, president of NFT project Pudgy Penguins, said in an interview that the NFT market trend has been negative for quite a long time, and investors and sellers are struggling to find the long-term value of NFT digital assets.
He pointed out that the NFT market still needs to experience a very difficult bottoming out.
The analysis believes that the decline in the NFT market is due to a variety of factors, including the shift from a collector-driven market to a trader-driven market and the plunge in the price of Blur’s native tokens (down 32% from last year).
In addition, the term NFT has fallen out of favor, with auction houses and projects now referring to it as digital art or digital collections.