Non-fungible token (NFT) sales have dropped to new lows amid a broader downturn in the crypto market.
Data research firm Chainalysis reports that NFT sales totaled $1 billion in June. That’s their worst performance since June 2021, when sales were $648m. NFT sales reached their peak in 2022, with sales totaling $12.6 billion that month.
“This decline is definitely linked to the broader slowdown in crypto markets,” Ethan McMahon, a Chainalysis economist, told The Guardian. “Times like this inevitably lead to consolidation within the affected markets. For NFTs, we will likely see a pullback in terms of the collections and types of NFTs that reach prominence.”
NFTs rely on blockchain technology, which is a decentralized ledger to track ownership. Most NFTs are based on the Ethereum blockchain, but music NFT companies like LimeWire and Napster are looking at proof of stake blockchains like Alogrand.
At its peak in January 2022, the NFT market was attracting huge sums as buyers lined up....
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