The Recent Crash of the NFT Market: Will it Recover in August?
The global non-fungible token (NFT) market has experienced a significant downturn in recent weeks, causing concern among investors. Here are the key points to know:
- NFT sales volume has dropped by 30% in July, with a total trading volume of $531 million.
- Ethereum-based NFTs have been the most traded, followed by Bitcoin-based NFTs.
- Solana and Polygon-based NFTs have also experienced significant declines.
- BNB Chain NFTs from Binance have recorded a sales volume of $23 million.
- The number of NFT investors has decreased by 2% in the past month.
Top traded NFT collections in the past 30 days include Bored Ape Yacht Club, Gods Unchained, and $Fram BRC-20.
Despite the current downturn, many NFT investors remain optimistic about the market’s future. Statista predicts that NFT revenue will reach $1600 million in 2023.
Hot Take: While the recent crash in the NFT market is cause for concern, it is too early to determine its long-term viability. The upcoming month of August will be crucial in determining whether the market will rebound or continue to decline.
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