CryptoSlam: Sales on the secondary NFT market fell by 25% – Bits Media

NFT market analysts record a drop in buyer activity and sales volumes for the second month in a row. Expected, that the market recession phase may last several years.

According to the CryptoSlam website, July sales of non-fungible tokens on secondary markets, by compared to June, fell on 25%, to $650 million. The decline in sales has been recorded since the beginning of June, and the total trading volume now does not exceed $1 billion.

Extreme volatility in the crypto market has caused NFT users to stay away from it.

Back in early June, analysts from the Dune Analytics service stated: 

“Daily NFT sales volumes across all trading platforms amounted to just $37 million, that more than 90% less, than trading volumes at the beginning of May".

Dune Analytics data shows, that sales on the LooksRare marketplace were falling faster, than on OpenSea.

Recall, what's in the beginning 2022 NFT sales peaked at about $4.7 billion monthly, at the same time, there were more than 1 million unique buyers. In this way, in absolute terms, by July, the activity of buyers in the secondary NFT market fell seven times, notes NFT- CryptoSlam strategist Yeguda Petšer (Yehudah Petscher).

"I'm not sure, that we'll hit rock bottom this year. therefore, I think, bearish trend in the NFT market, in which we are, may last several more years".

Nonetheless, Petscher found some reason for optimism: the number of unique buyers on the NFT market decreased in July by just 7%, Compared to the previous month, to 532,000. According to the expert, this gives hope, that despite the decline in total sales in US dollars, the potential number of transactions could lead the NFT market to more optimistic results.

In early August, the group Muse, popular in the early 2000s, will release
his ninth studio album Will of the People in the format of non-fungible tokens on the Serenade platform.