NFT market in summer hibernation

The NFT market is not taking off. Looking at Ethereum transactions, demand for NFTs has hit a two-year low. This is according to data from Glassnode.

However, the most popular smart-contract networks remain NFT marketplaces such as Opensea, Blur and Looksrare. Trading in NFTs has plummeted since last May. According to Cryptoslam current trading volume is US$16 million. At its peak, it was 580 million. Market capitalization has halved year-on-year from about US$10 billion to US$5 billion.

Especially the expensive NFT collections, including the Bored Ape Yacht Club, have lost a lot of value. The Bored Ape Yacht Club was one of the first projects to bring the NFT market into mainstream consciousness. The most expensive Bored Ape was purchased by Rhincodon with a bid of $3,408,000 for #8817.