The decision to shut down the service comes as the NFTs market faces significant volatility, with trading volume down by double digits for the quarter.
NFT Inspect, the popular research tool for NFT value and community dynamics, is turning off its virtual power on January 1. 17, according to a tweet from the service.
“After months of work and tweaking, we’ve come to the firm conclusion that we can’t keep the Review in the future,” the team tweeted on Wednesday. “We would like to sincerely thank each and every one of you for your support during last year’s race.”
“NFTs Inspect Shuts Down Due to Decrease in Market Interest and 84% Drop in Resale Value”
For those on Crypto Twitter, NFTs Inspect will allow users to track the NFT used in the profile pictures of the best tweeters. This will allow an analyst to see which NFT activity is “inside” among the crowd of people turning to Crypto Twitter and standard exchanges. The decision to shut down the service comes as market interest in NFTs has declined.
Data from a recent report shows that there was a 77% decrease in global NFTs trade between the second and third quarters of 2022, with a total of $1.7 billion in the third quarter of 2022. According to the report, an 84% drop in resale value was seen during the period.
Statistics provided by CryptoSlam from December 2022 show that approximately $650 million worth of NFT were sold during the month. This compares to approximately $2.6 billion of NFTs sold in December 2021.
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