As the price of popular NFT collections plummeted over the last few weeks, sales have also decreased significantly, according to Bloomberg on June 29 (local time). It is also followed that the existing ‘enthusiasm’ disappears and the market will enter common sense. Blockchain games, which use ‘NFT acquisition’ as the main means of customer incentives, will be significantly hit.
According to DAPPRADAR data, NFT trading data tracking site is expected to fall below $ 1 billion per month for the first time in June. Trading volume at the world’s largest NFT trading market is also expected to decrease by 75% since May, the lowest since July 2021.
The price of NFT products that recorded the top sales volume also dropped. The OTHERDEED NFT, which was launched in May, recorded high demand, but in the last 30 days, PRICE FLOOR has dropped 30%. The same is true of the more famous and old collections. In the case of the Bayc Club (Bayc) of oil labs, the lower limit has fallen by 33% during the same period.
The market situation confirmed through the JPG NFT index, which tracks and shows sales of leading NFT projects, also shows the same trend. According to the indicators, the price has fallen by 70%since the first start in April.
Bloomberg said, All kinds of cryptocurrencies are hit by a terra blockchain stablecoin (terra coin) crash, and Cellsius Network and Babel Finance, such as cryptocurrency loan platforms and hedge funds (hedge funds) Thrree Arrows Capital) is foreseen, and many investors are abandoning Crypto-related projects. We are also dumping Ether Coin, which is used for most NFT transactions in the world.
Furthermore, citing DAM Radar’s Pedroherera Researcher, No doubt, the NFT fell sharply in June. Although the market has become much more mature, investors are looking for a place to keep their assets more safely in Terra’s plunge and additional bankruptcy rumors.
Although there were some Hojae, it was not enough to turn to investors. Recently, eBay acquired Known Origin, and Uniswap Lab acquired NFT Market Information Comprehensive Platform Genie. There were also large-scale NFT-related conferences such as the NFT.NYC Conference and Affest 2022, but it is not enough to revive the investor sentiment.
The small intestine submitted to the Los Angeles Court against the artist Ryder Ripps did not help to change the mood. Yuga Labs is in the process of infringing on trademark rights, with the claim that Lips tricked and sold fake Board Affrates as authenticity.
There is also an analysis that the overly heat of the market is being organized. Bloomberg quotes Crypto investors and contributors Aaron Brown, saying, Most of the craziness in the NFT market is now removed, and the market will enter the consolidation stage. The NFT market will survive, but this will be maintained at a common sense, not a conventional heated state.