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.\r\n\r\nREAD: Space of home nguyen si kha \u2022 bells of gal \u2022 2022\r\nelliptic nfts july 8m nftshowcroftreuters\r\nIn 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.\r\nelliptic renbridge 53m sigaloscnbc\r\nTowards 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.\r\nelliptic renbridge 540m conti 53m sigaloscnbc\r\nGauthier 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."\r\nelliptic nfts july 300k nftshowcroftreuters\r\nThe 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.\r\nelliptic renbridge 540m 53m sigaloscnbc\r\nBitcoin, 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%.