Analysts of the NFT market record a drop in the activity of buyers and sales volumes for the second month in a row. The recession phase of the market is expected to last several years.
By data site CryptoSlam, July sales of non-fungible tokens in the secondary markets, compared to June, fell by 25%, to $650 million. The drop in sales has been recorded since the beginning of June, and the total trading volume now does not exceed $1 billion.
The extreme volatility in the crypto market has made NFT users stay away from it.
Back in early June, analysts service Dune Analytics stated:
“Daily NFT sales volumes across all trading floors were only $37 million, more than 90% less than trading volumes at the beginning of May.”
Dune Analytics data shows that sales on the LooksRare marketplace fell faster than on OpenSea.
Recall that at the beginning of 2022, NFT sales reached their peak and amounted to about $4.7 billion monthly, while there were more than 1 million unique buyers on the market. Thus, in absolute terms, by July, the activity of buyers in the secondary NFT market fell seven times, notes CryptoSlam NFT strategist Yehudah Petscher.
“I’m not sure we’ll hit rock bottom this year. Therefore, I believe that the bearish trend in the NFT market, which we are in, can last for several more years.”
Nevertheless, Petscher found some reason for optimism: the number of unique buyers in the NFT market decreased in July by only 7%, compared to the previous month, to 532,000. According to the expert, this gives hope that despite the fall in the total volume of sales in US dollars, the potential number of transactions may lead the NFT market to more optimistic results.
In early August, popular in the early 2000s, Muse will release their ninth studio album, Will of the People, in a non-fungible token format on the Serenade platform.
Source: Bits
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