- The unprecedented decline in the NFTs market in the past 12 months decreased its popularity.
- NFTs marketplace slumps from $4 billion to $800 million.
There has been an unprecedented decline in 12 months in the sales of NFTs in the market following a severe downtrend in the crypto market.
According to data, it is recorded as the most severe fall in the market of a particular product of NFTs. The fall recorded was around 19 thousand in June, and the highest rise in the price was recorded in August and November 2021, approximately 200K a day.
According to market research on monthly transactions of NFTs and revenue generation, a slope downtrend was recorded in the total income from $4 billion to $800 million.
ALSO READ – Zilliqa Price Analysis: Will ZIL be able to access the Consolidation Phase again?
It is believed that the price of NFTs got a buildup after the popularity of Bored Ape NFTs in the market. It is also thought that the market of NFTs will attract more traffic due to the indulgence of famous personalities like Eminem, Snoop dogg, and Justin Bieber.
The severe downfall in the NFTs market can be compared with the fall of several cryptocurrencies, amounting from $3 trillion to $900 billion.
These considerable losses can create a market crash if it happens again.
The losses were so huge that market analysts termed it a “crypto winter.” An analyst also believes these extreme losses could take several years to recover.
Emily Wigoder, CEO of AdAstra NFTs, will talk to the NFTs user in her statement that “NFTs are still a relatively new technology, with a vast range of use cases spanning nearly every industry.”
Conclusion
NFTs marketplace slumped from $4 billion to $800 million. It is a clear sign of volatility, and market analysts believe that this downtrend in the NFTs is followed by the crypto market, which has been facing huge losses in the last few months. But the introduction of Bored Ape NFTs has helped pump the growth because the use cases of NFTs are the indulgence of celebrities like Justin Bieber and Snoop dogg. In his latest song, Snoop Dogg showcases the Bored Ape NFTs so that the market can become stable and profitable.It is most likely believed that the market will show remarkable growth in the next six months.
Source: https://www.thecoinrepublic.com/2022/07/06/nfts-slumped-and-recorded-their-highest-downtrend-of-90-in-the-past-12-months/