Connect with us

Hi, what are you looking for?

NFT

The NFT industry goes down, with daily sales in June 2022 plummeting to one-year lows

The enthusiastic and bullish crypto economy, as well as optimistic investor sentiment, helped to sustain the NFT boom. Bitcoin’s bear market, on the other hand, has had a detrimental influence on the cryptocurrency community.

By 2021, nonfungible tokens (NFTs) had risen to prominence as musicians, stars, A-listers, and the sports industry discovered a fan engagement technology that allowed the general public to profit from their success.

However, as a result of the intense bear market that began in 2022, sales plummeted to one-year lows and NFT hype fizzled.

The NFT boom, which began in early 2021, maintained its popularity until May 2022 — bolstered by a robust and optimistic cryptocurrency environment as well as enthusiastic investor optimism. However, Bitcoin’s failure to maintain its all-time high prices had a damaging impact on the crypto market.

In July 2022, the total number of daily sales fell to around 19,000 with an anticipated value of $13.8 million, the NFT ecosystem’s worst performance of the year.

Source: NonFungible
Source: NFTGo

However, a similar volume of daily NFT sales was deemed spectacular last year, as the immature ecosystem witnessed widespread adoption across diverse applications.

The evidence is evident in nonfungible.com’s data, which shows the NFT ecosystem’s highest number of daily sales (224,768 NFTs) and worth ($78.3 million) on September 24, 2021. The most significant sale in terms of money value occurred on May 1, 2022, when 118,577 NFT

Falling Ether prices, a scarcity of secondary market demand, and unrealistic gas fees are all hurting the hype surrounding NFTs. As a result, the NFT market capitalization has fallen by almost 40% in the last three months, with trading volume dropping by over 66%.

Click to comment

Leave a Reply

You May Also Like

NFT

A Quick Intro to Bored Ape Yacht What is the Bored Ape Yacht Club? Its very simple, its punk rock at its finest –...

CryptoKitties

CryptoKitties have really become one of the most famous Crypto games played on the internet as people are not only enjoying the game but...

NFT

When first dipping your toe into the world of non-fungible tokens (NFTs), it’s great to discover there are a variety of different marketplaces available...

CryptoPunks

The sudden increase in punkish prices is mainly due to the increase in cryptocurrency prices, the increasing popularity of the NBA Top Shot Dapper...

NFT

For a lot of us, trading and flipping is something we’ve done since childhood. From comic books, stickers, trading cards to toys, anything we...

NFT

Its 2021 and there is a massive explosion of the idea so called Non-Fungible-Tokens, all over the world. While many people familiar with the...

NFT

Beeple, a name that sounds so Pokemon, and so was the Art world. Really, the art world before 2021 or before NFT was really...

NFT

Non-Fungible-Tokens or so-called NFT’s have literally shocked the art industry and paved a way for Artists and Digital Artists to make good money from...

Advertisement