The NFT market has continued its downfall this month, with sales dropping to the lowest levels in the last 12 months. Experts think that investors are now looking for safer places following the latest Terra collapse and other warning signs.
Bloomberg broke down the current situation in the NFT market in its latest report, tracking down key price drops and speaking with several crypto analysts.
- The crypto market has plunged below the $1 billion mark for the first time since June 2021.
- Sales volume on the OpenSea marketplace has fallen 75% since May.
- The JPG NFT Index, which tracks blue-chip NFTs, has decreased by over 70% since its launch in April.
- For example, Bored Ape Yacht Club’s blue-chip NFT collection has fallen almost 33% in the last 30 days.
- “Without question, the NFT market has fallen off the cliff this June,” DappRadar head of research Pedro Herrera told Bloomberg, adding that “investors were looking for safer places to put their money” in recent weeks.
- According to crypto investor Aaron Brown, the market has entered a period of consolidation. He thinks that NFTs will survive the downfall, but on a “much more sensible basis than at the height of the mania.”