When non-fungible tokenized collectibles (NFTs) became popular, the split NFT market topped the $200 million range seven months ago in December 2021. Since then, the split NFT market has lost over $76 % in value, falling to an overall market capitalization of around $50 million.
Fractional market value of NFTs slides from $212m to $50m
The split NFT market has followed the tremendous growth that the entire NFT industry has seen over the past year. At its peak in December 2021, the overall valuation of the split NFT market was around $212.6 million, according to metrics recorded by dappradar.com.
Today the value has evaporated by 76.41% as the current split NFT market cap is around $50,401,068. More than seven months ago, on Sunday, December 12, 2021, the largest split valuation in the NFT Projects market belonged to Doge NFT (DOG) with a market capitalization of $130.14 million.
Today, the NFT Fractional Doge Project is still the top dog, so to speak, in terms of market valuation, at $19.71 million. The second most valuable fractional NFT project today is Etherrock #72 (PEBBLE) at $5.96 million, but in December it had a market valuation of $22.73 million.
All of the major fractional NFT projects followed the same downward trajectory, such as the third-largest Feisty Doge NFT (NFD) project, which once held a market capitalization of $18.29 million. Today, the stats show that the NFD has fallen to $4.22 million. Ladypunk (LADY) had a market valuation of $7.67 million seven months ago, and now it’s down to $2.9 million.
LADY was also once in fourth place, at this time in December, but now finds herself in fifth place. The fourth largest fractional NFT project today is Ape Punk (APES) with its valuation of $2.99 million. The Ape Punk split project was worth $3.13 million and the Dissected Meebit NFT (DSMB) project was the fifth last December.
Today, DSMB slipped to the seventh market valuation position among all split NFTs. Like the broader NFT industry, split valuations in the NFT market have improved over the past 30 days. While NFT sales were down more than 60% in June, last month’s NFT sales were down only 5.23%, according to statistics from cryptoslam.io.
Meanwhile, while DOG, PEBBLE, and NFD have the largest market caps today, they also have the most cash. The Doge NFT has around $4.86 million, Etherrock #72 is around $1.25 million, and the Feisty Doge NFT has around $1.15 million in cash. The fourth largest split project, Ape Punk, has just over $100,000 in cash, while the rest of NFT’s split group has less than $100,000 in cash.
What do you think of the NFT fractional market economy sliding to $50 million? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.