NFT trading valuations have decreased by nearly 93%, but the decrease in NFTs traded has been less drastic. According to OpenSea data, while 2.47 million NFTs were traded on January’s OpenSea, 1.69 million NFTs were traded in September – the lowest amount this year. Monthly NFT transactions on the world’s largest NFT marketplace fell by 32% from September to January.
Rario, a non-fungible token (NFT) marketplace backed by Dream Sports, has raised equity from former Indian cricketer Sachin Tendulkar. Its range of cricket-themed collectibles is backed by Dream Capital, Kingsway Capital, and Presight Capital, among other investors.
Rario’s marketplace will also include Tendulkar’s NFTs as part of an undisclosed strategic investment. Pietersen, Rhodes, and Akhtar are among the other iconic players who will be available for trading under the ‘The OGs’ section.
Along with Hong Kong-based gaming venture capital firm, Animoca, Polygon Studios is a partner in Rario, an Ethereum sidechain based on the Polygon Edge framework. According to the platform, since last year, it has sold over 150,000 cricket-themed NFTs.
While global interest in NFTs has fallen sharply since last year, Tendulkar’s investment comes at a time when global interest has declined significantly. According to data from cryptocurrency market tracker The Block as of October 20, the overall volume and number of NFT transactions have fallen steeply.
Between January and September this year, the global NFT trading volumes on OpenSea, a popular NFT marketplace, reached $5 billion. Compared to September 2017, when NFT trading volumes on OpenSea fell by nearly 93%, NFT trading volumes this September reached $358.5 million, a drop of nearly 93%.
However, the drop has been steeper in the valuation of NFTs, which saw prices soar based on towering NFT sales such as artist Beeple’s Human One for $28.9 million in November last year, activist Julian Assange and artist Pak’s Clock for $52.7 million in February this year, and artist XCopy’s ‘Right-Click and Save-As Guy’ for $7 million in December last year.
Even after leaving the company, Jack Dorsey still managed to sell his first-ever tweet as an NFT in March last year for $2.9 million.
However, valuations have fallen since then. In April, Estavi attempted to offload his investment by re-auctioning on OpenSea at an asking price of $50 million. At the time of closing of the auction, the highest bid was $14,000, a drop of more than 99% in the valuation of the tweet.
NFT trading valuations have fallen by nearly 93% since The Drop in Trading Valuations, but the number of NFTs traded has fallen by less. OpenSea data shows that the number of NFT transactions on the world’s largest NFT marketplace decreased by 32% to 1.69 million in September, compared to January.