Monthly NFT marketplace volumes fall 94% since the beginning of the year

Buying and selling quantity on non-fungible token (NFT) marketplaces have fallen from $16.6 billion in January to over $1 billion in June of this yr.

As The Block’s information reveals, it is a lower of 94%, demonstrating simply how putting the crypto bear market impacts NFT gross sales. 

It ought to be famous that a lot of NFT buying and selling quantity at first of the yr was probably on account of wash buying and selling on the NFT market LooksRare. Wash buying and selling is when customers commerce tokens amongst themselves to fraudulently drive up costs. 

NFTs have been regarded as insulated from crypto market circumstances six months in the past. Some tokens, akin to the favored Bored Ape Yacht Membership, afford customers entry to unique communities and occasions that preserve worth even when the market is down. 

However as The Block beforehand reported, NFT ground costs have declined in latest months — with prime tasks akin to BAYC, Doodles and Cool Cats have fallen round 30%.