NFT – Descent into Hell confirmed for August

This is a fact! The cryptocurrency market is going through a difficult period against the backdrop of a downward trend that is bound to last. And this situation holds true for all sectors in relation to this brand new digital economy. But this at decidedly different and more or less painful levels, as in the case of NFT tokens. Because the latter are falling from (very) highs following the spectacular surge recorded last year.

Everything was fine for the NFT sector, even at the beginning of 2022. An almost counter-current trend given that in this period the total amount spent by collectors has almost already exceeded that of the entire previous year. With a historical record of monthly volumes recorded on its various platforms which in January amounted to over 5.6 billion dollars. But that was before …

Because since that time, the crisis that passed there has actually reached this speculative bubble. With a very sharp slowdown – on the verge of complete cessation – recorded since last June. That is, for the first time since June 2021, a total monthly volume of less than $ 1 billion ($ 884.85 million). And a trend that seems to continue, given that at the end of August this figure struggles to exceed $ 400 million (369.7).

But don’t worry, because the Opensea platform continues to impose a dominance of over 80% on the entire ecosystem. Although for this he had to dump 20% of his employees just over a month ago. With, at the same time, base prices plummeting for major collections such as Bored Ape Yacht Club (BAYC) or CryptoPunks.

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NFT – A strong game dominance

However, another dynamic emerges from the analysis of this NFT token sector. And it gives pride of place to everything related to the new crypto-gaming trend. The sales recorded in the field, in fact, far exceed those of collectible NFTs, yet at the center of all attention due to their unlikely prices. To the point account for over 75% of these transactions in recent weeks… and even for months.

And even though some blockchains are starting to stand out, it is clearly the Ethereum network that continues to concentrate the vast majority of activities in this sector. With no less than 80% of the operations carried out for everything related to NFT (collection or play). And a part destined for the Solana (SOL) blockchain – second in the sector ranking – it fell from around 17% last May to just 4% in the past week. Is this collateral damage due to its recent and numerous malfunctions? The question must be asked …

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A decidedly bearish trend for the NFT sector, with a significant slowdown in activity and recorded volumes. But this is just the general trend in the cryptocurrency market after all. And that doesn’t stop us from finding many innovative use cases for this digitally owned technology.

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