New Stats Show Interest In NFT Startups Declining

2022-11-20 08:49

The ongoing bear market appears to have affected the NFT market in more ways than just sinking their prices. This is according to new statistics by Crunchbase that show interest in NFT startups by VCs has slowed down too.

The data set covers the past seven and a half quarters and is plotted on a chart. It shows how much was put into NFT startups by VCs. The first quarter of 2021 saw about $500 million. The amount would increase with each passing quarter, peaking in the first quarter of this year. From there, things would go downhill, with gradual decreases every quarter. And if things continue as they are currently, this quarter will see the least amount of investment recorded over the past 8 quarters.

The graph above shows that at the peak of the NFT hype, investors put over $2 billion into the space. Almost a quarter of the amount—$450 million—went to Yuga Labs, the platform behind Bored Ape Yacht Club. The two other big beneficiaries were OpenSea and Animoca brands, which raised over $650 million between them.

The last quarter of 2021 was also a great time for the space, as startups managed to raise over $1.5 billion. Almost half of that amount—$725 million—went to Forte, a blockchain gaming platform.

VC Investment In NFT Startups Corresponds To Public Interest In The Industry

The amounts raised in the space correspond to NFT sentiments. When the markets were up, more money was poured into the space by VCs. However, as markets slowed down, so did investments.

Data shows that between Q3 of last year and Q2 of this year, about 12 NFT startups were able to raise rounds of $100 million or more.

However, since then, things have changed drastically. VC investment has slowed down considerably.

For example, halfway through the fourth quarter, the three biggest NFT-related deals have been $10 million rounds. If this trend continues, this quarter will record an 80% drop from Q1 figures.

And it’s not only investment that is down. NFT volume sales and prices are down too. Last month saw the lowest number of sales of the year. And most NFTs are selling for a fraction of their actual prices during peak periods.

The post New Stats Show Interest In NFT Startups Declining appeared first on NFT News Today.

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