01 July 2022 21:09, UTC
Studying time: ~2 m
Buying and selling quantity on non-fungible token (NFT) marketplaces have fallen from $16.6 billion in January to over $1 billion in June of this 12 months.
As The Block’s knowledge exhibits, this can be a lower of 94%, demonstrating simply how hanging the crypto bear market impacts NFT gross sales.
It ought to be famous that a lot of NFT buying and selling quantity at the start of the 12 months was seemingly as a consequence of wash buying and selling on the NFT market LooksRare. Wash buying and selling is when customers commerce tokens amongst themselves to fraudulently drive up costs.
NFTs had been considered insulated from crypto market situations six months in the past. Some tokens, reminiscent of the favored Bored Ape Yacht Membership, afford customers entry to unique communities and occasions that keep worth even when the market is down.
However as The Block beforehand reported, NFT ground costs have declined in latest months — with prime tasks reminiscent of BAYC, Doodles and Cool Cats have fallen round 30%.