The July indicator of trading in non-fungible tokens (NFT) in the secondary market decreased by 26% compared to the previous month, to $647.2 million. Analysts shared information about this CryptoSlam.
Based on the data, the number of unique buyers has been declining for the third month in a row. The May indicator was 694,850, in June it dropped to 574,133, and in July to 532,378.
Anndy Lian, co-founder of the NFT studio Influxo, also speaks about the continuation of the bearish trend in a comment. Forcast. CryptoSlam non-fungible token strategist Yehuda Petsher doubted the market would “find a bottom this year.”
“I believe that this bearish cycle that we are in can last for several years,” the expert admitted.
According to Petscher, the number of unique buyers inspires optimism. For example, in July the indicator decreased by about 7%, and it is higher than a year earlier (432,317).
“The NFTs are in a tough spot right now, but I still think that [сектор] in very good condition in terms of growth [или] transactions,” Petsher added.
The maximum sales figures in July were taken by the Bored Ape Yacht Club collection ($51.4 million). Second place is held by CryptoPunks with $50.7 million.
Lian is confident that the NFT market can be boosted by Ethereum’s transition to a consensus algorithm proof-of-stake. Previously developers pre approved blockchain migration as of September 19, 2022.