The sale of non-fungible tokens, or NFTs, dropped from $8.4B in the previous quarter to $3.4Bin the third quarter.

This is what the data from DappRadar shows (an NFT is a blockchain-based digital asset).

The figures are further supported by a review of sales made on OpenSea, the largest NFT market, where sales fell for the fifth consecutive month in September.

The cryptocurrency problem, whose market includes non-fungible tokens, can be linked to the NFT sales disaster. Crisis is sometimes referred to as the "winter of cryptocurrencies," a phrase that denotes a protracted period of the drop in the value of cryptocurrencies (hence beyond the regular fluctuation of the main digital currencies: Bitcoin, Ethereum in the lead).   Analysts claim that this phase, which began at the beginning of 2022 (first "winter" 2013/2014, second winter 2018), will persist for a considerable amount of time.

The developing NFT market profited from growing cryptocurrency prices and investors' strong risk appetite in 2021. These circumstances have changed in 2022 as a result of investors fleeing riskier assets due to rising central bank rates.