NFT Sales Falls To 12-Month Low Following Crypto Market Massacre

• Sales of NFTs in June were the weakest since June 2021, when they were $648 million.
• There were $113 million in sales at Opensea this week, down 17.24.

Sales of non-fungible tokens (NFTs) have fallen to a 12-month low due to the crypto market’s massacre, according to crypto analytics company Chainalysis. Sales of NFTs in June were the weakest since June 2021, when they were $648 million.

In January of this year, NFT sales set an all-time high (ATH) of $12.6 billion, but the second half of 2022 is expected to have a lackluster start. The cryptocurrency market’s worth has plummeted from roughly $3 trillion in November last year to less than $1 trillion due to factors such as tightening macroeconomic circumstances.

Multiple Factors Behind Sluggish Market

For example, the US Federal Reserve’s recent 75-basis-point (bps) rate rise was the largest in 28 years. Even though NFT sales have already reached $42 billion in 2022, the popularity of the crypto market has been diminished by many causes. LUNA’s demise and Terraform Labs’ algorithmic UST stablecoin both sent shockwaves across the cryptocurrency market.

In May, Binance briefly suspended withdrawals of UST and LUNA, two of the most popular cryptocurrencies at the time, due to a price collapse. The future of the NFT sector is still up in the air since NFT Google searches overtook those of Ethereum and crypto in January.

There were $113 million in sales at Opensea this week, although sales were down 17.24 percent from last week’s figure. After Opensea, X2Y2 and Magic Eden, NFT sales of $15.33 million and $15.04 million, respectively, are in third and fourth place. This week, Looksrare is the fourth-largest NFT market in terms of sales volume with $7.12 million, a 3.66 percent drop from the previous week’s sales volume.

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