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Cryptoverse: The bonfire of the NFTs

Even though the NFT dream has taken a significant non-fungible hit, it is still alive.


Last year, the market shone brilliantly as cryptocurrency-rich speculators invested billions of dollars on the risky assets, raising prices and profits. It is terrible right now, six months into 2022.

The monthly sales volume on the largest NFT platform, OpenSea, fell to $700 million in June from $2.6 billion in May and was well below the record of around $5 billion in January.

According to NonFungible.com, which tracks transactions on the Ethereum and Ronin blockchains, the average NFT sale fell to $412 at the end of June from $1,754 at the beginning of April.

Co-founder of NonFungible.com Gauthier Zuppinger asserts that "the crypto bear market has unquestionably had an impact on the NFT domain."

We have witnessed a lot of hype and speculative activity surrounding this kind of asset, he continued. There has been some sort of reduction in demand now that people are aware they won't become millionaires over night.

The NFT market has declined along with cryptocurrencies, which are frequently used to purchase the assets, at a time when central banks have increased interest rates to combat inflation and risk appetite has decreased.

Bitcoin lost about 57 percent of its value in the first six months of the year (BTC=BTSP), while Ether lost 71 percent (ETH=BTSP).



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