NFT sales fell to a 12-month low of $1 billion in June, down from a peak of $12.6 billion in January
Sales of nonfungible tokens fell to a 12-month low in June amid a broader slowdown in the cryptocurrency market.It marks the worst month for NFT sales since June 2021 and follows a peak of $12.6 billion recorded in January.NFTs are unique non-interchangeable units of data stored on a decentralised ledger called a blockchain, which allow users to buy and sell digital goods such as in-game items or artwork.
Chainalysis economist Ethan McMahon said the slowdown in NFT sales was linked to a decline in the wider cryptocurrency market, which has fallen in worth from about $3 trillion in November 2021 to under $1 trillion.“Times like this inevitably lead to consolidation within the affected markets, and for NFTs we will likely see a pullback in terms of the collections and types of NFTs that reach prominence.
An NFT of the first tweet from Twitter co-founder Jack Dorsey, which was purchased in March 2021 for $2.9 million by Sina Estavi, the CEO of Malaysia-based blockchain company Bridge Oracle, was put up for auction earlier this year and
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