Non-fungible token Q2 trading volume drops 40% as interest in NFTs wanes

08/08 11:37

Data shows that NFT trading volume in Q2 2022 has dropped by 41%, according to the ‘2022 Q2 NFT Industry Report’ created by Footprint Analytics and published on August 7. As per the report, which summarizes and analyzes the overall data of the NFT industry for the observed period, investment capital since the year’s turn “was flowing into the NFT market for collectibles, gaming, and art” due to lower prices in the cryptocurrency market. Consequently, these positive developments “drove the NFT market to an unprecedentedly active trading volume, hitting a new high of $8.6 billion.” The report said: “However, in mid-May, the crypto market faced considerable challenges and the NFT market cooled off. NFT trading volume dropped from $19.02 billion in Q1 to $11.26 billion in Q2.”
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