NFT trading volume plunged 26% in July

NFT trading volume plunged 26% in July

NFT trading volume collapsed by 26% in July

In July, trading volume of non-fungible tokens (NFT) on the secondary market decreased by 26% compared to the previous month, to $647.2 million, according to CryptoSlam data.

NFT trading volume in July collapsed by 26%

Data: CryptoSlam.

According to the service, the number of unique buyers has been declining for the third month in a row. In May, the figure was 694,850, in June it dropped to 574,133, and in July to 532,378.

Anny Lian, co-founder of the NFT studio Influxo, pointed out the ongoing bearish trend in a Forkast comment. CryptoSlam non-fungible token strategist Yehuda Petsher doubted the market would “find a bottom this year.”

“I believe that this bearish cycle we are in could last several years,” the expert admitted.

Petscher added that the number of unique buyers inspires some optimism. According to him, in July the figure fell by about 7%, and it is higher than a year earlier (432,317).

“Now NFTs are position, but I still think [the sector] is in a very good position in terms of growth [or] transactions,” Petsher said.

The top seller in July was the Bored Ape Yacht Club collection with $51.4 million. The second place is held by CryptoPunks with $50.7 million.

NFT trading volume fell 26% in July

Data: CryptoSlam.

According to Lian, the NFT market could be boosted by Ethereum's transition to the Proof-of-Stake consensus algorithm. Previously, the developers tentatively approved the blockchain migration for September 19, 2022.

The Goerli testnet will switch to the new consensus algorithm when the cumulative network difficulty reaches 10,790,000. According to experts, this will happen between August 6 and 12.

The Merge: what to expect from Ethereum's biggest update

Recall that in August the jewelry brand Tiffany & Co. presented a series of pendants based on CryptoPunks.

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