The number of unique non-fungible token (NFT) buyers has fallen below 800,000 to break a three-month streak, in what data aggregator CryptoSlam calls a “mini-bear market.”

See related article: Wash trading in NFT marketplace LooksRare can inflate prices: analysts

Fast facts

• February’s NFT market had 796,009 unique customers, a 12% month-over-month drop from the all-time high set in January.
  

• February also saw a 40% decline in sales volume from January’s US$4.4 billion, which was just short of the US$4.5 billion record sales set in August.
  

• With uncertainty clouding over global markets due to the crisis in Ukraine, many NFT investors are hoping the new digital asset class can prove itself as a worthy option, just as crypto did for investors during the Covid-fueled March 2020 market crash.
  

• “Historically, NFT bear markets are very short-lived, and given the 70x of NFT sales since Nov. 2020, a cool off is expected,” CryptoSlam chief marketing officer Yohann Calpu told Forkast.
  

• “Culture, music, art, gaming, and collectible NFTs are about to stand a test in market conditions, one which will be another defining point in time like March 2020,” Calpu said.

See related article: LooksRare trails OpenSea in sales volume as developers cash out $30M