NFT tokens fall to their lowest level in a year

The hype around NFTs is clearly fading, as daily sales in June 2022 fell to a one-year low. The NFT boom was supported by a healthy and optimistic crypto ecosystem and positive investor sentiment. However, the bearish trend has affected the market.

The NFT ecosystem recorded its worst performance of the year in June this year, with the total number of daily sales falling to about 19,000 with an estimated value of $ 13.8 million in turnover — the last time such figures were in June 2021.

For comparison, the largest sale took place on May 1, 2022, when 118,577 NFTs were sold in one day for $ 780.4 million. However, this did not help the market globally — over the past three months, the market capitalization of NFTs has fallen by almost 40%, while trading volume has decreased by 66%.

Despite this, the cryptocurrency exchange Binance yesterday launched its own functionality for NFT mining. And the company’s chairman is constantly making statements that the current market drawdown is the best time to buy bitcoin and cryptocurrencies.