The ongoing crypto downturn has dampened the NFT industry’s excitement while existing big shots like Yuga Labs continue.
For the first time since last June, the market failed to hit $1 billion in trades. NFT users have now resorted to liquidating their investments, anticipating better market prospects.
In fact, four projects owned by the NFT giant: CryptoPunks, Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for OtherSide, alone represented over $160 million traded in July. DappRadar’s latest blockchain industry report highlighted the hyper-centralization of activity in blue-chip NFT collections that continue to retain most of their value.
Additionally, the number of traders has also declined by 8% MoM despite registering modest gains of 40% from July 2021.Its market share, however, has fallen from 84% in May to the current 58.6% measured in July. The diminishing volume is not surprising as the NFT market matures.
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