Monthly volumes of the NFT market have fallen by 94% since the beginning of the year
Trading volume in the NFT sector fell from $16.6 billion in January to just over $1 billion in June. A 94% decline in six months shows how much the bear market of cryptocurrencies has affected the NFT.
The trading volume in the main markets of non-interchangeable tokens (NFT) fell from $16.6 billion in January to more than $1 billion in June this year.
As the data shows, this decrease is 94%, demonstrating how the bearish cryptocurrency market affects NFT sales.
It should be noted that most of the NFT trading volume at the beginning of the year was probably related to fictitious trading on the NFT LooksRare marketplace. Fictitious trading is when users trade tokens among themselves in order to fraudulently raise prices.
Six months ago, it was believed that NFTs were isolated from the conditions of the cryptocurrency market. Some tokens, such as the popular Bored Ape Yacht Club, provide users with access to exclusive communities and events that retain value even when the market is falling.
But, as previously reported, the minimum prices of NFT have decreased in recent months - such popular projects as BAYC, Doodles and Cool Cats have fallen by about 30% by mid-June.
https://coin-signal.com/cryptonews/monthly-volumes-of-the-nft-market-have-fallen-by-94-since-the-beginning-of-the-year/
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