A report from Chainalysis pointed out that NFT sales in June this year slightly exceeded $1 billion, which is the lowest value since June 2021, $648 million in June last year, and the highest value in January this year $12.6 billion.
NFT is equivalent to a non-exchangeable data unit stored on a decentralized blockchain, and users can sell and buy digital goods through NFT.
Chainalysis economist Ethan McMahon believes that the decline in NFT sales is mainly related to the sluggishness of the entire cryptocurrency market, which was about $3 trillion in November 2021 and is now down to $1 below a trillion.
At times like these, there will inevitably be consolidation in affected markets; the NFT market will correct and some NFTs will pull back, McMahon said.
If you like our news and you want to be the first to get notifications of the latest news, then follow us on Twitter and Facebook page and join our Telegram channel. Also, you can follow us on Google News for regular updates.