Not Fussed Thanks
We might have had peak NFT (non-fungible token).
The latest data from aggregator nonfungible.com shows that the volume traded in NFTs has dropped steeply in recent weeks, as NFT-mania slows down. Daily traded volumes in the "NFT art" category are down more than 94% in the last 30 days, compared to the busiest 30 day period from last year, while Google search interest for the term NFT has more than halved from earlier this year.
Collectibles
One part of the NFT market that has held up are "collectibles" — collections like the Bored Ape Yacht Club, which routinely trade for more than $500k+ and double up as a membership card to the "Yacht Club". Trading volumes in Bored Apes, and other high profile projects, have stayed elevated, with ~$15m worth of Bored Apes changing hands per day in April.
That's a lot in nominal terms, but in the context of traditional financial markets it's still small. We picked one of the smallest stocks in the S&P 500 index at random, Campbell Soup Company, and found that it traded more than $57m a day in April, almost 4x the Bored Ape volume.
