According to the Wall Street Journal, the NFT (Non-Fungible Token, non-fungible token) market is collapsing. NonFungible data shows that the average daily sales of NFTs fell to about 19,000 this week, a 92% drop from a peak of about 225,000 in September last year.
In addition, the number of active wallets in the NFT market last week fell from a high of 119,000 in November last year to about 14,000, a drop of 88%. Rising interest rates have crushed risky bets across financial markets, with NFTs among the most speculative investment categories, the report said.
In order to prevent NFT-related financial risks, the China Internet Finance Association, China Banking Association, and China Securities Association issued an initiative on April 13, saying that centralized transactions, continuous listing transactions, and standardized contract transactions will not be provided for NFT transactions. and other services, and illegally set up trading venues in disguised form.