The NFT market continues to fall rapidly

The NFT market continues to fall rapidly

Recently, the market for NFT came to the world to try to impact globally, and for that reason many people and companies decided to invest part of their money in the business. However, things have not been entirely satisfactory, as this sector continues to collapse more and more as the months go by.

According to a new report from Bloomberg, sales fell and have broken a record of how bad they have been in recent weeks. This is due to the lack of interest that people have towards non-fungible tokens. Therefore, investments in the stock market are cryptocurrencies and others have caused enormous losses for investors, either to greater or lesser resources.

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Even in the market for NFT biggest in the world, Open Seasales volume is down 75% since May and looks poised to hit the lowest levels since July 2021. That means that acquisitions worth millions of dollars a few months ago are now being sold for much smaller amounts in order to recover something.

This is what Pedro Herrera, head of research at DappRadar:

The NFT market has undoubtedly fallen off the cliff this June. While the market is much more mature, it’s fair to say that in recent weeks, investors have been looking for safer places to put their money amid the collapse of Terra and rumors surrounding possible sell-offs.

It is worth noting that some companies in the video game industry such as Konami have opted for this market, the most concrete proof was the tokens they sold from Castlevania. Also, Square Enix it sold part of its western developers to invest in the business, a decision it retracted a few days later.

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With these types of incidents, it is somewhat evident that this sector of digital sales will eventually disappear.

Via: Bloomberg

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