Non-fungible tokens (NFT) cryptocurrency Trading volumes in marketplaces fell from $16.6 billion in January to $1 billion in June.
NFT Transaction Volume Has Decreased By 94 Percent Since January
This decline, which points to a 94% decrease according to the data, showed how bearish weather in the crypto money market affects NFT sales.
It should be noted that most of the NFT trading volume at the beginning of the year was probably due to buy and sell transactions on the NFT marketplace LooksRare. Trading in the digital goods market is defined as users trading tokens among themselves to fraudulently raise prices.
NFTs were thought to be unaffected by crypto market conditions six months ago. In addition, products such as Bored Ape Yacht Club, one of the most popular digital product collections in the world, can engage in activities aimed at providing their users with access to exclusive communities and events and aiming to be less affected by market declines.
In addition, there have been great decreases in the base prices of digital products in recent months. The base prices of collections such as Bored Ape Yacht Club, Doodles and Cool Cats, which are among the biggest projects, have lost approximately 30% in recent months.
However, the Bored Ape Yacht Club collection continues to be the victim of numerous hacker attacks lately. The company’s official Discord channels were recently the victim of a phishing attack by hackers. Many users had lost their valuable collectibles.
*Not investment advice.