The market for nonfungible tokens -- such as artwork of bored apes and pudgy penguins -- has been spiraling downward after sales sank sharply and the prices of popular NFTs plummeted over the last few weeks.
The crypto niche is on course to record its first month with under $1 billion in sales since June 2021, according to data tracker DappRadar. On the world’s biggest NFT marketplace, OpenSea, sales volume has fallen 75% since May, and looks set to scrape the lowest levels since July 2021, Dune data shows.
The prices of top-selling NFTs have also slipped. Some Otherdeed NFTs, which were in such high demand at their May launch that they clogged up the Ethereum network, have seen their price floors fall by about 30% in the last 30 days, while the price floor on Bored Ape Yacht Club’s (BAYC’s) blue-chip NFT collection has also fallen nearly 33% in the same time, data from NFT Price Floor shows.
Meanwhile, the JPG NFT Index, which tracks a handful of blue-chip NFT projects, is down by...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...