Sales of non-fungible tokens totalled just over $1bn in June, compared with peak of $12.6bn in January
People take photos near a Bored Ape Yacht Club NFT billboard in Times Square in June. Demand for so-called blue chip NFT collections is holding up.People take photos near a Bored Ape Yacht Club NFT billboard in Times Square in June. Demand for so-called blue chip NFT collections is holding up.Non-fungible tokens have been swept up in the cryptocurrency crash as sales reached a 12-month low in June.– upon someone, even if that item can be easily copied.
Sales of NFTs totalled just over $1bn in June, according to the crypto research firm Chainalysis, their worst performance since the same month last year when sales were $648m. Sales reached a peak of $12.6bn in January. “This decline is definitely linked to the broader slowdown in crypto markets,” said Ethan McMahon, a Chainalysis economist.
“Times like this inevitably lead to consolidation within the affected markets, and for NFTs we will likely see a pullback in terms of the collections and types of NFTs that reach prominence.”NFTs rely on a blockchain – the decentralised ledger first used by bitcoin to track ownership of the cryptocurrency – to record who owns them and allow them to be traded.
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