Analysis: "NFT supply will increase this year, but average selling price and revenue will plummet."

Citing data from CryptoSlam, Cointelegraph reported that while supply in the NFT market increased this year, sales decreased significantly compared to the previous year. According to the data, a total of 1.34 billion NFTs were circulated this year, a 25% increase from the previous year (1 billion). On the other hand, the total NFT sales amounted to $5.63 billion, a 37% decrease from last year ($8.9 billion). The average selling price of NFTs also fell from $124 last year to $96. The media outlet explained, "NFT supply has outstripped demand, and market absorption is gradually weakening. The total NFT market capitalization also peaked at $17 billion in April 2022 and has currently shrunk to around $2.4 billion."