Although there is evidence that the NFT market is slowly stabilizing, there are currently no worrying elements when it comes to prices and sales.
The average selling price of irreplaceable tokens fell below $2,000 for the first time, compared to a maximum price of nearly $6,900 on Jan. 2. This is information from the NonFungible site, which tracks industry statistics.
The data also show that total daily sales averaged $26.2 million during March 3rd. It is interesting that since February 24, when Russia's military action in Ukraine began, the average selling price of NFTs has dropped by about 30 percent.
Nonfungible tokens are, in most cases, digital art. OpenSea is the largest NFT store, which recorded its best month in January this year.
In addition to the situation in Ukraine, another possible reason for the fall in the price of NFTs is improved regulation. This is especially true in the United States, where the activities of NFT creators as well as token stores are regulated.
It is suggested that the sale price has dropped significantly over the last week. The NBA Top Shot saw a 26 percent drop during that period, while the Axie Infinity had a 15 percent drop. On the other hand, Bored Ape Yacht Club NFTs have grown 59 percent over the past seven days, while CryptoPunk has grown 118 percent.
