NFT June Sales Were At 12-Month Lows, Due To The Ongoing Bear Market

June’s NFT Sales are at a 12-Month Low

According to a recent Bloomberg report, the June NFT market is expected to register sales below $1 billion for the first time since June 2021. It also mentioned that OpenSea’s sales volume in June was $670 million, which was a 75% decrease from May’s numbers. The monthly volume for OpenSea, the biggest NFT market in the world, in June was the lowest since July 2021, when compared to $5 billion in January.

However, The Guardian reported on July 2 that the NFT sales number for June 2022 was slightly better at a little over $1 billion, compared to its peak of $12.6 billion in January 2022, using Chainalysis data.

In 2022, the sales of NFTs soared and reached $40 billion. However, the figures were much stronger in the beginning of this year, with total sales estimated at $42 billion, with more than half coming from sales in January and February.

Scams and thefts in this industry have reached frightening levels in recent months.

Axie Infinity suffered a loss of $625 million in March in one of the worst hacks in this digital assets history. After spending months focusing on enhancing security, it has just lately started operating again.

Axie Infinity’s user base is said to have decreased by 40% as a result of the attack. The cost of Ethereum has decreased by two-thirds despite Sky Mavis, the creator of the Ronin blockchain that runs Axie Infinity, promising to cover the participants’ losses. Axie Infinity, one of the top 3 NFT projects, saw NFT revenues of $4.14 billion in February 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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