coindesk.com
NFT Inspect, a popular research tool to measure the value of an NFT and the strength of its community, is turning off its virtual lights on Jan. 17, according to a tweet by the project.
“After months of working and reworking, we’ve come to the difficult conclusion that we cannot maintain Inspect going forward,” the team tweeted Wednesday. “We want to sincerely thank each and every one of you for your support over the rollercoaster of this last year.”
For those on Crypto Twitter, NFT Inspect would allow users to track the NFTs used in the profile pictures of the most prolific tweeters. It would let a researcher see which NFT projects are ‘in’ amongst Crypto Twitter’s hip crowd, and flag changes.
The decision to shutter the project comes as market interest in NFTs has collapsed.
Data from a recent NonFungible report shows that there has been a staggering 77% fall in the global trading of NFTs between the second and third quarters of 2022, with a total volume of $1.7 billion in the third quarter of 2022. An 84% decrease in resell profit was observed during the period, according to the report.
Figures provided by CryptoSlam from December 2022, show that roughly $650 million in NFTs were sold during the month. This compares to the approximately $2.6 billion in NFTs that were sold in December 2021.