Analysts Olga Kharif and James Tarmy released an NFT market report, citing DappRadar data showing that between January 2022 and July 2023, the monthly trading volume of NFT dropped by 81%, and the floor prices of well-known NFTs such as Bored Ape Yacht Club and CryptoPunks dropped even more. It is the lowest point in more than two years.
In addition, due to unforeseen challenges, the NFT market Recur is gradually closing down, and another platform, Nifty, has also announced its suspension. Blur’s NFT sales plummeted by 96% from the end of June to the beginning of August.
While the overall sentiment in the NFT market remains grim, certain segments still hold value, with continued demand for high-end NFT artwork from well-known creators and low-value NFTs used in games.