NFT trade collapses: Market falls to lowest point of the year

After a strong first quarter, there was still hope, but now the NFT market is back in crisis.

The NFT-trade has slowed considerably in recent weeks. In August, sales were according to Cryptoslam $374 million, the lowest level this year.

There still seemed to be a recovery in March, when sales rose to $1.6 billion. By comparison, sales fell 76% in August.

In the first quarter, the market still delivered strong numbers. Total sales rose above $4 billion.

However, this trend proved unsustainable. In the second quarter, sales fell to $2.2 billion, 45% less than in the previous quarter.

About 7.3 million NFT transactions were recorded in August, 31% less than in July. In contrast, the average value of NFT sales increased 27%.

The NFT market may also face difficult times in the US because of impending legal conflicts. For example, the SEC has already informally filed a lawsuit against the NFT platform Opensea announced.