“The NFT slump is real,” was TechCrunch’s no-nonsense headline for an article analysing the latest data on NFT sales from crypto firm The Block. The figures certainly make for awkward reading for NFT evangelists, with volume down more than 70% from nearly 1m weekly sales in January this year to just over 250,000 at the end of May / beginning of June.
“The decline in NFT sales volume is not new, but it has grown in severity in recent weeks, adding fresh heft to the argument that the crypto or web3 market is in a period of correction,” was TechCrunch’s take on what the figures show.
That’s an important word to consider: ‘correction’ hints at a healthier market in the long-term, rather than an inexorable decline into irrelevance. We can only hope this time is used wisely to think about what NFTs can really bring to creators and buyers alike – and in the music sense, not just to talk about those ideas in theory, but to put them into practice and carve out a genuinely valuable role for the future.
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