NFT hype evidently dead as daily sales in June 2022 dip to one-year lows
The NFT boom was supported by a healthy and bullish crypto ecosystem and positive investor sentiment. However, Bitcoin’s bear market had an adverse impact on the crypto ecosystem. Nonfungible tokens (NFT) took center stage in the year 2021 as artists, influencers, A-list celebrities and the sports industry finally came across a fan engagement tool that empowered the general public to cash in on their success. However, the hype around NFT did not manage to stand its ground as sales plummeted to one-year lows amid the ruthless bear market of 2022.The NFT boom, which started in early 2021,....
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OpenSea, UniSwap, MagicEden, eBay, and others are acquiring NFT aggregation tools and taking a stand to gain market share of the evolving NFT ecosystem. DappRader's Dapp industry report for Q2 2022 raised, among many points, the idea that an upcoming non-fungible platform war could be on the horizon.The report, which was provided to Cointelegraph, spoke of how UniSwap recently acquired Genie and OpenSea purchased Gem in an effort to expand their respective services to include NFT aggregation tools, which “accumulate NFT offers from various trading platforms”. Meanwhile, newer platforms....
The prolonged crypto winter razed off the inflated floor prices across the NFT ecosystem, inadvertently changing investor sentiment and forcing users to rethink their long-term investment strategies. The heavy involvement of the sports ecosystem is what expedited nonfungible tokens’ (NFT) mainstream adoption as the teams and players leveraged the technology for fan engagement. However, sports fans revealed their interest in moving beyond the hype and making investments based on knowledge about NFTs and trust in the issuers.The prolonged crypto winter razed off the inflated floor prices....
Data shows the NFT weekly trading volume has now declined to lows not seen since June 2021, as the NFT hype continues to die down. NFT Weekly Trading Volume Has Now Come Down To Just $81 Million The non-fungible token market has been struggling since a few months now as the rest of the crypto […]