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The NFT market, as reported by elliptic nfts july 8m nftshowcroftreuters in July, has encountered a setback, signaling a notable blow to the NFT dream. Last year witnessed a remarkable surge fueled by cryptocurrency enthusiasts’ substantial investments in these speculative and high-risk assets, leading to a surge in prices and profits. However, as we approach the midpoint of 2022, the market’s trajectory has become less optimistic.
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elliptic nfts july 8m nftshowcroftreuters
In June, the sales volume on OpenSea, the largest NFT marketplace, dropped sharply to $700 million, a significant decrease from May’s $2.6 billion and a substantial contrast to the peak of nearly $5 billion observed in January.
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Towards the end of June, the average NFT sale price declined to $412, marking a notable decrease from $1,754 recorded at the end of April, as reported by NonFungible.com, a monitoring entity for NFT sales on the Ethereum and Ronin blockchains.
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Gauthier Zuppinger, co-founder of NonFungible.com, addressed the situation, stating, “The crypto bear market has undoubtedly impacted the NFT space.” He further noted, “We witnessed considerable speculation and hype surrounding these assets. Now, we’re observing a decline as people realize they won’t become millionaires overnight.”
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The decline in the NFT market has mirrored the downturn in the cryptocurrency market, as cryptocurrencies often serve as the medium of exchange for NFT transactions. This shift has coincided with central banks raising interest rates to counter inflation, leading to a decrease in risk appetite.
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Bitcoin, a prominent cryptocurrency, has experienced a decline of approximately 57% in the first half of the year, while ether, another significant cryptocurrency, has seen a substantial drop of 71%.
