NFT sales dropped to a 12-month low in June

The world of blockchain and NFTs have been running white-hot recently, compared to other sectors. While this has been the case for the past 6 months of 2022, June has seen a significant slowdown in the overall amount of NFT sales.

The news comes according to The Guardian, which identified that only £1 billion in NFT sales took place throughout June this year. What makes this so surprising is the fact that this is a massive drop when compared to peak months like January, which saw £12bn in NFT sales.

According to economists, this decline has come as part of a broader reversal seen in the crypto market. This drop is epitomized by the likes of Bitcoin – which just re-crossed $20k this week – in spite of originally reaching peaks of $36k back in May.

Chainalysis’ Ethan McMahon, according to Video Game Chronicle, believes that this is part of a broader correction and consolidation. With the wider crypto market falling below $1 trillion in valuation this year.

The operative word, of course, is ‘consolidation’ and should be kept in mind for outsiders looking into the space. There is a prevailing view of mainstream outlets that this is some kind of proof that the entire space is a scam. Even while this take makes the rounds, it hasn’t stopped progress from happening – as readers of this site will be kept aware.

Source link

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...