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NFTs were once a thriving market, but the number of active accounts has dropped.

According to Chainalysis, nearly a million accounts actively bought or sold NFTs at the start of the year, but that figure has since dropped to 491,000.

According to fresh research, the number of accounts trading NFTs has dropped substantially in recent months, indicating that the digital art and collectible bubble that began in 2021 may now be dying down.

NFTs, which stand for nonfungible tokens, are a type of digital contract that uses blockchains to verify ownership of a digital asset such as a picture or a GIF. Last year, NFT trading expanded into a $40 billion market.

However, a survey issued on Thursday by blockchain analytics firm Chainalysis indicated a significant drop in NFT trading. According to Chainalysis, nearly a million accounts were actively buying or trading NFTs at the start of the year, but that figure has since dropped to around 491,000.

In its research, Chainalysis stated, “NFTs enjoyed tremendous growth in 2021, but this growth hasn’t been constant and has levelled out so far in 2022.”

While NFTs have benefited certain traders and artists, they have also attracted hackers, thieves, and con artists. Last year, an NBC News investigation discovered that OpenSea, the largest NFT marketplace, has done little to address the problem of people uploading and selling other artists’ works as NFTs. Hackers target NFT accounts on purpose in order to steal their assets and take over social media profiles in order to sell their own NFTs. According to a previous Chainalysis investigation, some people auction and buy their own NFTs repeatedly in order to increase their value.

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