The NFT market is in a slump, with sales falling to 12-month low
7/4/2022, 07:05 AM
The NFT market is seeing a slowdown, with sales in June falling to their lowest levels in 12 months.
According to data from DappRadar and Chainalysis, OpenSea's sales volume in June was $670 million, down 75% from May. This is the lowest monthly volume for the world's largest NFT marketplace since July 2021.
The overall NFT market sales for June are also down, with Bloomberg reporting that they are poised to be under $1 billion for the first time since June 2021. The Guardian's report cites Chainalysis data which puts the figure slightly higher at just over $1 billion. This is still a far cry from the peak of $12.6 billion seen in January 2022.
The slowdown comes as thefts and scams have become more prevalent in recent months, with one of the largest hacks happening at Axie Infinity where $625 million was lost in March
According to data from DappRadar and Chainalysis, OpenSea's sales volume in June was $670 million, down 75% from May. This is the lowest monthly volume for the world's largest NFT marketplace since July 2021.
The overall NFT market sales for June are also down, with Bloomberg reporting that they are poised to be under $1 billion for the first time since June 2021. The Guardian's report cites Chainalysis data which puts the figure slightly higher at just over $1 billion. This is still a far cry from the peak of $12.6 billion seen in January 2022.
The slowdown comes as thefts and scams have become more prevalent in recent months, with one of the largest hacks happening at Axie Infinity where $625 million was lost in March