Increase of low-priced NFTs is the industry's attempt at a trading volume revival, but prices, sales and trading volume still hit a two-year-low in July.market as $15 depictions of Stan Lee, the creator of Spider-Man and king of cameos in the Marvel movie world, elbowed cutesy Doodles avatars and pixelated punks out of the industry spotlight.
Not only are people paying less for art owned via nonfungible tokens , but they are buying a lot less. Only 3.7 million transactions occurred in July, according to a“People are running out of steam” and are tired of the same expensive profile pictures, says Bitwise research analyst Juan Leon. “They are waiting for a new paradigm to emerge.”
The shift in interest to easy-on-the-wallet NFTs helped send trading volume down to $632 million in July, according to a“People are distancing themselves from the profile-picture collectibles” and have become pickier with their collections, says Sara Gherghelas, blockchain analyst at Dapp Radar and author of the report.
Even as the cryptocurrency market recovers from its terrible 2022, this year remains bleak for NFTs. The most expensive NFT sold this year, a piece of generative art called “The Goose,” formerly owned by bankrupt crypto firm Three Arrows Capital and sold in June by Sotheby’s, only reached $6.2 million. In contrast, the highest-priced sale last year came in atNFT price floors, the lowest amount for which a piece in a collection sells, have also suffered.
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