June NFT sales drop to 12-month lows…Details here
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Answer June NFT sales drop to 12-month lows…Details here
The decline is hanging over most of the activities of the crypto and blockchain market.
According to the data and figures published recently, NFT sales have finally declined in line with the bearish market trends of cryptocurrencies.
Data from DappRadar and Chainalysis reveal that NFT sales in June were the lowest since June 2021.
June NFT sales drop to their lowest level:
Mention a report An interview with “Bloomberg” that the NFT market in June recorded sales of less than one billion dollars for the first time since June 2021.
Citing DappRadar data, the report added that OpenSea’s June turnover was $670 million, down 75% from May’s figures.
Read:Who is behind the transfer and offloading of 1 billion dollars worth of the fourth largest Bitcoin wallet?
Compared to the $5 billion recorded in January, OpenSea’s monthly volume in June is the lowest for the world’s largest NFT market since July 2021.
While citing Chinalysis data, The Guardian, in its July 2 report, indicated that the NFT sales number for June 2022 was slightly better, but on the other hand, it is far from its peak of $12.6 billion recorded in January 2022.
NFT sales soared in 2022 and reached $40 billion.
But those numbers were even stronger at the start of this year, with sales totaling $42 billion.
Scams sweeping the NFT market:
In recent months, fraud and theft in the NFT market has risen to alarming levels.
In one of the biggest hacks in NFT history, Axie Infinity, the NFT gaming platform you can play on Ethereum, lost $625 million in March.
It recently resumed operations after months of work to enhance security.
OpenSea has experienced a data breach involving the email identifiers of its customers.
Read:UK authorities seize $9.5 million worth of Ethereum found in USB sticks
Many of them complained on social media about receiving multiple emails that looked like phishing attempts.
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