In 2018, Daniel Maegaard first became aware of NFTs. He began purchasing the tokens in 2019 and eventually amassed hundreds of them by 2021, making him one of the most well-known and significant NFT collectors in the entire world.
He amassed millions of dollars’ worth of cryptocurrency tokens under the alias Seed Phrase, and in 2022 he notably sold one for a cool $4.45 million. But during some past months, he’s been selling a significant amount of his holdings.
Non Fungible tokens, which are most frequently linked to digital artwork and other assets stored on cryptocurrency blockchains, have lost the majority of their value after catching the attention of crypto fans as the upcoming big thing.
According to data from DappRadar, the monthly trading volume for share NFTs fell 81% between January 2022 and in July 2023. As per DappRadar, monthly NFT sales data have decreased by 61% over the same time frame.
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