The monthly trading volume of non-fungible tokens has fallen by about $15.5 billion since the beginning of 2022.
NFT trading volume in January 2022 amounted to more than $16.6 billion. In June, NFT turnover barely exceeded $1 billion. Therefore, the drop in monthly trading volume has been about 94% since the beginning of the year. The Block reports it.
The NFT sector is falling amid a general bearish trend in the cryptocurrency market. Moreover, the monthly figures were not affected even by single bursts of investor activity. The drop in trading turnover is directly related to the decline in the value of the most popular collections. So, according to DappRadar, over the past 30 days, the average price of tokens from the Bored Ape Yacht Club collection fell by 45%, from CryptoPunks — by 32%.
However, the fall in trading turnover and digital asset values does not affect businesses’ overall interest in the NFT sector. For example, the number of NFT-related trademark applications filed in 2022 increased 220% from January 1 to May 31 compared to last year. And in terms of user confidence among all financial instruments, non-fungible tokens are second only to cash.
