NFT volumes fall to a yearly Low
The NFT market, which used to be very hot, has cooled down a lot, even though it still handles 500 million monthly transactions. This is a huge drop from its all-time high of $6 billion in January 2022.OpenSea, the largest NFT market, trades about $14 million worth of assets daily. This was a big drop when it was trading at more than $200 million a day. If you’re looking for a safe Crypto trading platform, take a look at this Trading Platform.
It looks like the number of trades has stopped going up or down, but it’s not clear if a floor has been set or not. This brings the total drop to more than 90%, but it’s not clear if the bottom has been found or not.
In June, the number of transactions dropped from about 200,000 per day to about 50,000 per day.Since NFTs just recently became popular, they are going through their first bear market. The biggest one, BAYC, has lost 75% of its value, going from $400,000 to $100,000.
After dropping to a low of $50,000 in June, it has stayed at that $100,000 level for most of the summer. This means that they may still be useful in the middle and even in the long term.
Overall, NFTs don’t seem to be going anywhere, which isn’t surprising since half a billion is not a small number.Since most of these NFTs are priced in ether, the price of ether could be another reason why their USD trading volumes are going down.
The most interesting thing to find out is if they will have another run or not. The first time Defi traded in a bear market was in February 2021, and it doesn’t look like this will change any time soon.
Any NFT bull would be interested in defi, and both might be interested in eth when it shows signs that it might be thinking about going up. But the fact that NFTs are still around could be a good sign that this type of asset is not just a fad.
The NFT keeps getting worse. As the price of cryptocurrencies keeps going down, the number of NFTs sold is said to be at its lowest level since the beginning of last year.
Recently, one of the most popular NFT games was hacked in what may be the biggest way the NFT has ever been hacked. Lazarus Group, which has ties to the government of North Korea, did the hack that cost Axie Infinity $600 million. The person who made Axie Infinity, Sky Mavis, just got back into the business and promised to pay back the money players lost.
The blockchain industry has many scams, but the non-fungible token (NFT) sector has many more. Non-fungible token (NFT) developers who sell simple assets on marketplaces make up a big part of the industry. The market is responding in the right way because of this. One of the main reasons prices dropped so much was that people in the NFT sector didn’t care much about their business practices. These basic markets aren’t taking off mainly because people don’t participate.
Fear of missing out (FOMO) caused the price of NFTs to go up, but now that the price has gone down so much, investors are afraid to make a risky investment. Investors are no longer interested in the NFT market because companies are starting to sell only the simplest digital assets.
The most interesting thing about NFTs is that they have real-world value. Everything bought and sold in a marketplace can be bought and sold again later. This is very helpful for things like digital art, but not so much for digital assets like clothes or shoes. A pair of shoes might be able to be sold, but what else can you do with them? You can’t wear them, and you’ll never be able to sell them again.
Because NFTs don’t have apparent uses in the real world, it’s hard to think of a time when they would be helpful. Because of this, most of the most-played NFTs are works of digital art. Nothing else could make sense in the real world. Even if controlled markets make NFTs more valuable, the NFTs themselves won’t be worth much if the blockchain project they are tied to fails.