NFT marketplace volume fall 94% since the beginning of the year

Trading volume on non-fungible token (NFT) marketplaces have fallen from $16.6 billion in January to over $1 billion in June of this year.

Track live crypto price of 10000+ coins!

As The Block’s data shows, this is a decrease of 94%, demonstrating just how striking the crypto bear market affects NFT sales. 

It should be noted that much of NFT trading volume at the beginning of the year was likely due to wash trading on the NFT marketplace LooksRare. Wash trading is when users trade tokens among themselves to fraudulently drive up prices. 

NFTs were thought to be insulated from crypto market conditions six months ago. Some tokens, such as the popular Bored Ape Yacht Club, afford users access to exclusive communities and events that maintain value even when the market is down. 

Related:  One Of The First Public Companies To Buy Bitcoin Is Selling Its Holdings But Claims It Remains 100% Bullish ⋆ MAXBIT

But as The Block previously reported, NFT floor prices have declined in recent months — with top projects such as BAYC, Doodles and Cool Cats have fallen around 30%.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP).

Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: