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NFT market slumped by 25% between June and July

Published 08/02/2022, 06:27 PM
Updated 08/02/2022, 03:30 PM
NFT market slumped by 25% between June and July

Along with the general crypto market, NFT sales have taken a massive hit in the face of the ongoing crypto winter.

According to data from NFT aggregation site CryptoSlam, July’s secondary NFT market sales fell to $650 million, a 25% drop from June figures. This is the second month in a row that NFT sales have been below $1 billion.

Anndy Lian, blockchain author and entrepreneur and founding member of NFT creator studio Influxo explained that “the current [crypto] market right now is in a bear market […] so [NFT] sales actually reflect very much on how the market is reacting.”

Meanwhile, NFT relations strategist for CryptoSlam, Yehudah Petscher said he thinks the market was yet to find the bottom.

I don’t know if we’ll find the bottom this year […] I believe this bear market we’re in could extend for multiple years.

NFTs are in a rough place right now, but I still think in a very healthy place as far as growth [or] as far as transactions [are concerned].

“I think [the Merge] will create another spur of hype among the Ethereum fan base,” Lian said, warning that transaction fees will likely remain high.

Meanwhile, Yuga Labs projects continue their dominance of the bestseller list in July, with the company’s Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks all in the top five.

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