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The NFT Market Keeps Collapsing

Sales volume on NFT marketplaces keeps falling as well as the value of top-selling tokens drops significantly.

The NFT market continues to decline inevitably amid an unstable situation in the crypto niche, Bloomberg reports.

According to DappRadar data, June 2022 will be the first month since the middle of the last year when cryptocurrency sales fall below $1 billion. Sales on OpenSea, the world’s biggest NFT marketplace, reflect this situation with their volume falling by 75% since May reaching the lowest level since July 2021.

In the last 30 days, the value of top-selling tokens has also fallen significantly. For instance, the price floor of the well-known NFT collection Bored Ape Yacht Club dropped by nearly 33%, and the price floor of some Otherdeed NFTs fell by about 30%.

The report also notes that the JPG NFT Index which was created in April and is aimed to track the value of blue-chip NFT projects from large and "trustworthy" collections, is down more than 70%. 

Analysts believe that among the main reasons is the decline of the stablecoin Terra, as well as the extremely low interest of investors who began to actively get rid of the Ethereum cryptocurrency, in which NFT-related transactions are usually made.

The report reads that even the large acquisitions in the market like the purchase of the KnownOrigin trading platform by eBay and Uniswap Labs' deal to acquire NFT marketplace aggregator Genie along with recent events like NFT.NYC conference and Bored Apes' ApeFest 2022 didn't manage to encourage investors' interest.

Some analysts, however, note that the market of non-fungible tokens will still survive, although it will seriously change in the near future.

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