Despite what you have heard, the NFT market is far from dead
While there’s no denying that recently the price of famous NFT collections like the Board App Yacht Club has dropped, overall the market isn’t going anywhere.
You’ve probably heard by now that NFT is over.
Thus. Sales decreased. Interest has waned. And everyone talking about NFTs a few months ago has gone to the next big thing.
But here’s the thing: the NFT market is far from dead. It’s still going strong. Don’t believe us? We have the data to back up these claims.
NFT sales aren’t doing that bad
While it is true that the pace of NFT sales slowed in the first few months of 2022, this does not mean that the entire industry is dead.
As of May 2022, NFT sales volume reached a healthy $ 3.7 billion. Sales volume has dropped significantly since April, but considering that crypto assets are in the bear market as a whole, the fall was expected.
DappRadar recently released the latest version of their industry report, which shows that when measured on their native tokens like ETH, the market volume is almost not as much as they appear on the surface.
Image Source: Dapradar
You can see this by looking at the trading volume of OpenSea. Last month, ETH, the largest marketplace in the NFT sector, generated about 950,000. Compared to April, this number was 7% lower. In USD, the volume is down 25%.
Solana NFT, on the other hand, had one of their best trading months in history. The second most popular NFT-hosting blockchain grew 13% across all platforms last month.
The new NFT collection is generating new interest
While “blue-chip NFTs” like the popular BAYC have seen their values plummet over the past few months, things are looking for new NFT collections.
Collections like Moonbirds and OK Bear are the biggest reasons the industry has performed so well this year.
You also have the Free-to-Mean Collection, Goblintown, which has taken the NFT world by storm. The collection has grossed more than $ 31 million since its launch in late May 2022.
The demand for Goblintown was immense and at the time of this writing its floor price has pushed from 0 to 6 ETH.
Where will the market go from here?
Image Source: CoinGecko
One thing you need to understand, NFTs are crypto assets. The NFT market is as volatile as the cryptocurrency market. When etherium decreases, NFT sales usually decrease and vice versa.
The NFT market is creating a strong niche in the gaming world. According to data collected by CoinGecko, about 36% of NFT owners use their resources primarily for gaming purposes.
So we wouldn’t be surprised if the market bounces back in size at the end of this year. As a result, the second half of 2022 could be very good for NFT.
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