NFT markets took a major downturn since reaching unimaginable heights in 2021, but can they recover their former position?
LONDON (Bywire News) - The NFT market has been struggling in recent times – as has much of the rest of the crypto verse. However, interest remains strong, which begs the question, can they recapture their former successes?
Crypto-rich investors helped spark a boom in NFTs which saw billions of dollars being pumped into these risky asset classes. Prices surged and so did profits. However, six months into 2022, the situation has flipped.
Opensea which is the market's largest NFT marketplace has seen monthly sales volume plummet to $700 million in June which is down from January's peak of nearly $5 billion.
The average NFT sale by late June fell to $412 from $1,754 at the end of April according to NonFungible.com which tracks Ethereum sales and Ronin network sales.
"The crypto bear market has definitely had an impact on the NFT space," said NonFungible’s co-founder...
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