A Drop Of 25 % In Nft Market Sales Between June and July

NFT market slumped by 25% between June and July.

According to data from NFT aggregation site CryptoSlam, July’s secondary NFT market sales fell to $650 million, a 25% drop from June figures. This is the second month straight  that NFT sales have been under $1 billion.

Anndy Lian, blockchain author and entrepreneur and founding member of NFT creator studio Influxo explained that “the current [crypto] market right now is in a bear market so [NFT] sales actually reflect very much on how the market is reacting.”

A strategist for NFT relations for CryptoSlam, Yehudah Petscher says that the market hasn’t hit bottom yet.

He told Forkast, “I don’t know if we’ll find the bottom this year,” “I believe this bear market we’re in could extend for multiple years.”

But he saw some reason to be hopeful in the fact that the number of unique buyers in the market dropped by only 7% from June to July, to 532,000, which is still more than the same month last year.

Petscher says that even though sales in US dollars as a whole are less, the number of transactions shows a slightly more positive scenario.

Petscher said, “NFTs are in rough place right now, but I still think in a very healthy place as far as growth [or] as far as transactions [are concerned],”

Meanwhile, Yuga Labs projects continue their dominance of the bestseller list in July, with the company’s Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks all in the top five.