Despite the innovations and technologies on display, volumes across NFT marketplaces dropped significantly throughout July. As reported by The Block on 30 July 2022, the dropping marketplace action translated into subpar figures of $626.11 million for the current month. This is a dip of almost 30% from June’s figures.
Meanwhile, OpenSea continues to lead the market. It has brought in sales worth $484.79 million—that’s nearly 78% of the July figures. Solana’s Magic Eden and Ethereum’s LooksRare NFT are close on OpenSea’s heels—having brought in sales volumes worth $81.09 million and $28.44 million, respectively.
Image Source: The Block
The drop in NFT trading in July isn’t a standalone event. The figures have been erratic for a long time after the space witnessed a euphoric January 2022 (recording $5.63 billion in terms of valuation). February and March witnessed a gradual decline even though the market managed to redeem itself in April 2022—registering $4.24 billion.
Since April, NFT marketplace volumes have dropped systematically, with the lowest user curiosity and trading action in July. The impact of this drop has been felt across marketplaces, and OpenSea laid off nearly 20% of its staff on 15 July 2022.
FAQs
Why are NFT sales declining?
he NFT market experienced explosive growth in previous years, leading to oversaturation. This saturation has led to a decrease in demand for NFTs, as buyers have more options but limited resources to invest in them
Is selling NFT art legal in India?
Selling NFT (Non-Fungible Token) art in India is currently legal, but there are certain legal implications and tax considerations associated with it. NFTs are not explicitly regulated under Indian law as of the last available information in September 2021
How to upload 10,000 NFTs to OpenSea for free?
Understand OpenSea’s terms of service and any fees associated with large-scale NFT uploads. The process may not be entirely free due to blockchain transaction fees, but you can optimize costs by choosing the right blockchain and bulk upload options.
