{"id":21410,"date":"2022-08-01T10:57:02","date_gmt":"2022-08-01T05:27:02","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=21410"},"modified":"2023-09-19T14:00:07","modified_gmt":"2023-09-19T08:30:07","slug":"nft-sales-drop-in-july-opensea-still-leads","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/crypto\/nft-sales-drop-in-july-opensea-still-leads\/","title":{"rendered":"NFT sales drop in July; OpenSea still leads"},"content":{"rendered":"\n

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\u2019s figures.<\/p>\n\n\n\n

Meanwhile, OpenSea continues to lead the market. It has brought in sales worth $484.79 million\u2014that\u2019s nearly 78% of the July figures. Solana\u2019s Magic Eden and Ethereum\u2019s LooksRare NFT are close on OpenSea\u2019s heels\u2014having brought in sales volumes worth $81.09 million and $28.44 million, respectively.<\/p>\n\n\n

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\"NFT<\/figure>\n<\/div>\n\n\n

Image Source: The Block<\/a><\/p>\n\n\n\n

The drop in NFT trading in July isn\u2019t 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\u2014registering $4.24 billion.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

FAQs<\/h2>\n\n\n
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Why are NFT sales declining?<\/h3>\n
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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<\/p>\n\n<\/div>\n<\/div>\n

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Is selling NFT art legal in India?<\/h3>\n
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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<\/p>\n\n<\/div>\n<\/div>\n

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How to upload 10,000 NFTs to OpenSea for free?<\/h3>\n
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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.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

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\u2019s figures. Meanwhile, OpenSea continues to lead the […]<\/p>\n","protected":false},"author":76,"featured_media":21415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_ayudawp_aiss_exclude":false,"footnotes":""},"categories":[460,6530],"tags":[6467,6536],"class_list":["post-21410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news-2","tag-crypto","tag-news"],"acf":{"json_ld_schema":"\n[{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#FAQPage\",\"headline\":\"Wall Street jottings: A personal, guided tour to investing in US stocks\",\"keywords\":\"Personal Guide, US Investing, \",\"datePublished\":\"2022-07-22T13:28:55+05:30\",\"dateModified\":\"2022-07-22T13:28:55+05:30\",\"dateCreated\":\"2022-07-22T13:28:55+05:30\",\"author\":{\"@type\":\"Person\",\"name\":\"Praniket Nayka\",\"description\":\"\",\"url\":\"https:\/\/coinswitch.co\/switch\/author\/praniket\/\",\"sameAs\":[],\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4b22173b861c31fe922bbaf46c336561?s=96&d=mm&r=g\",\"height\":96,\"width\":96}},\"image\":[{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/coinswitch.co\/switch\/us-stocks\/wall-street-jottings\/#primaryimage\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings.jpg\",\"width\":\"1800\",\"height\":\"1080\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x900.jpg\",\"width\":\"1200\",\"height\":\"900\"},{\"@type\":\"ImageObject\",\"url\":\"https:\/\/coinswitch.co\/switch\/wp-content\/uploads\/2022\/07\/Wall-Street-Jottings-1200x675.jpg\",\"width\":\"1200\",\"height\":\"675\"}]}]\n","json_ld_custom_schema":"","youtube_vodeo_url":"","seo":{"title":"","keywords":"","description":"","canonical":""},"blog_banner_image":false,"blog_coin":false,"download_the_app":{"button_value":"","button_url":""},"twitter_card":{"twitter_title":"","twitter_description":"","twitter_link":""},"maturity_tag":"Beginner","post_author":false,"guest_author":false,"hide_toc":true,"key_takeways":false,"select_disclaimer":"Article Default Disclaimer"},"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21410","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/comments?post=21410"}],"version-history":[{"count":5,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21410\/revisions"}],"predecessor-version":[{"id":36937,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/posts\/21410\/revisions\/36937"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media\/21415"}],"wp:attachment":[{"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/media?parent=21410"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/categories?post=21410"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinswitch.co\/switch\/wp-json\/wp\/v2\/tags?post=21410"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}