elliptic nfts july 8m nftshowcroftreuters
elliptic nfts july 8m nftshowcroftreuters The NFT dream, while not completely extinguished, has faced a significant setback. The market experienced a dazzling surge last year as cryptocurrency enthusiasts invested billions in these speculative and risky assets, driving prices and profits to soaring heights. However, as we reach the midway point of 2022, the outlook has turned less favorable.
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elliptic nfts july 8m nftshowcroftreuters
In June, the monthly sales volume on the largest NFT marketplace, OpenSea, plummeted to $700 million. This is a stark decline from the $2.6 billion in May and a significant departure from the peak observed in January when sales nearly reached $5 billion.
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Towards the end of June, the average NFT sale price dipped to $412, a notable drop from $1,754 at the conclusion of April. These figures are reported by NonFungible.com, an entity that monitors NFT sales on the Ethereum and Ronin blockchains.
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Gauthier Zuppinger, co-founder of NonFungible.com, commented on the situation, stating, “The crypto bear market has definitely had an impact on the NFT space.” He further added, “We have seen so much speculation, so much hype around this kind of asset. Now we see some sort of decrease just because people realize they will not become a millionaire in two days.”
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The NFT market has experienced a significant decline in tandem with the cryptocurrency market. Cryptocurrencies are often used for transactions involving NFT assets. elliptic nfts july 8m nftshowcroftreuters This downturn coincides with central banks raising interest rates in an effort to combat inflation, which, in turn, has led to a decrease in risk appetite.
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Bitcoin, one of the most well-known cryptocurrencies, has seen a decline of approximately 57% over the first six months of this year. elliptic nfts july 8m nftshowcroftreuters Similarly, ether, another prominent cryptocurrency, has experienced a substantial drop of 71%.
