NFT Sales Drop 25% in Q2

The global NFT industry recorded a 25 per cent drop in terms of buyers and volume of sales in the second quarter of this year, with bearish trends dominating the market.

In total, about $8 billion worth of NFTs were purchased in the second quarter, which is 25 percent less than $10.7bn spent in the first quarter, according to NonFungible.com, an NFT market analysis platform that tracks the Ethereum blockchain.

The market is experiencing a historical bearish period. Liquidity is down and prices are very largely affected by the fall in value of cryptocurrencies. For the first time in the history of NFTs, trading-related activities are no longer profitable,

the company said in a statement.