NFT Inspect Announces Shutdown Decision
NFT Inspect, an tool that measures the value and strength of an NFT's community, announced on Twitter that it will cease operations as of January 17.
NFT Inspect, a popular platform for buying and selling non-fungible tokens (NFTs), has announced that it will be shutting down. The company cited the increasing competition in the NFT market and the high cost of operating the platform as the:
"We are saddened to announce that NFT Inspect will be shutting down," the company wrote in a statement. "Over the past year, the NFT market has become increasingly competitive and the cost of operating our platform has become unsustainable. After much consideration, we have decided to shut down the platform in order to focus on other ventures."
1/ We have some sad news.— Inspect (@nftinspect) January 3, 2023
While we’ve loved building alongside you all, we regret to share that Inspect will be shutting down on Tues, Jan. 17
NFT Inspect was known for its user-friendly interface and wide selection of NFTs, which included art, collectibles, and even virtual real estate. The company had a strong presence in the NFT market and was considered a leading player in the space.
The shutdown of NFT Inspect will be a blow to the growing NFT market, which has seen tremendous growth in recent months. Many see NFTs as the future of digital ownership, with the potential to revolutionize industries such as art, collectibles, and even real estate. Despite the closure of NFT Inspect, the market is expected to continue to grow and evolve as more companies enter the space.
According to NonFungible data, in the 3rd quarter of 2022, there was a 77% drop in global NFT trade transactions compared to the 2nd quarter. The total transaction volume was determined to be 1.7 billion dollars in the 3rd quarter. In addition, the profit from resales also decreased by 84% in the period.
According to CryptoSlam data, a total of 650 million dollars worth of NFT sales were made in December. The amount of NFT sales made in December 2021 was 2.6 billion dollars.