NFT trading volume in July falls by 26%

In July, the secondary-market trading volume of non-fungible tokens (NFTs) fell by 26% from the previous month, to $647.2 million. Data from CryptoSlam show.

According to the service, the number of unique buyers has fallen for the third consecutive month. In May the figure was 694,850; in June it declined to 574,133, and in July to 532,378.

Andi Lian, co-founder of the NFT studio Influxo, in a comment to Forkast pointed to the ongoing bearish trend. Yehuda Petsher, a NFT strategist at CryptoSlam, doubted that the market \”would find a bottom this year\”.

\”I believe this bear market we’re in could last for several years,\” the expert said.

Petsher added that some optimism is inspired by the number of unique buyers. According to him, July’s figure fell by around 7%, and it was higher than the year-earlier figure (432,317).

\”NFTs are in a tough spot right now, but I still think the sector is in very good shape with respect to growth or transactions,\” Petsher said.

The top-selling collection in July was the Bored Ape Yacht Club, with $51.4 million. CryptoPunks remains in second place with $50.7 million.

According to Lian, a boost to the NFT market could come from Ethereum’s transition to the Proof-of-Stake consensus algorithm. Earlier, developers provisionally approved the blockchain migration to September 19, 2022.

The test network Goerli will switch to the new consensus algorithm once the network’s cumulative difficulty reaches 10,790,000. Experts estimate that this will occur between August 6 and August 12.

In August, the jewelry brand Tiffany & Co. unveiled a series of pendants based on CryptoPunks.

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