NFT sales volume is at a 12-month low. Many experts call this a consolidation phase and predict a pullback in the market. There are some reasons behind this slump, and you will get to know them by watching this video.
NFT market is officially in the correction stage or, as some may call it, the “Winter”.
The market volume was just over $1bn in June 2022; a 92% decline from its peak in January 2022.
It is a record low since June 2021, when the whole sales amounted to less than $650m.
The decline comes with a broader fall in the cryptocurrency market.
The cryptocurrency market was worth $3tn last November, and now it is worth less than $1tn.
Some unfortunate events like the collapse of Terra have spread fear throughout the industry.
The rising inflation and interest rates have also exacerbated the situation for riskier assets.
Of course, many analysts identify the current situation as a consolidation phase for NFTs.
It is worth mentioning that blue cheap NFT collections maintained their reasonable demand.