Despite What You Heard, the NFT Market is Far From Dead

Despite the crypto market crash, there is still a vibrant NFT gaming community active on social media and in person. The industry can become more of an art project than anything else, with developers like Gnoggin leading the way.

Despite what you have heard, the NFT market is far from dead. There are still a lot of projects that are being developed and the market has not hit rock bottom. Read more in detail here: nft market.

There is no doubting that well-known NFT collections like Bored Ape Yacht Club have seen a recent fall in value, but the market as a whole isn’t changing.

By now, you’ve undoubtedly heard that NFTs are no longer used.

Exactly like that. Sales have fallen off. There is less interest now. Furthermore, everyone who was discussing NFTs a few months ago has now moved on to the newest breakthrough.

However, the NFT market is still very much alive. It is still functioning well. Don’t trust us? We can support these statements with statistics.

NFT Sales Aren’t Excessively Poor

NFT sales have slowed down in the first few months of 2022, but it doesn’t imply the sector as a whole is doomed.

NFT sales volume topped a respectable $3.7 billion in May 2022. Sales volumes have decreased dramatically since April, although this was to be anticipated given that the market for crypto assets as a whole is in a bad market.

The most current edition of DappRadar’s Industry Report, which was just issued, demonstrated that, when measured in their native currencies like ETH, marketplace volumes aren’t nearly as large as they seem on the surface.

Image by DappRadar 

Just by looking at the trade volume on OpenSea, you can observe this. The biggest NFT market produced around 950,000 ETH in the previous month. That amount decreased by less than 7% from April. The volume fell by 25% in US dollars.

On the other side, Solana NFTs had one of their finest trading months ever. Last month, the second-most popular NFT-hosting blockchain saw a rise of 13% across all platforms.

Creating new interest are new NFT collections.

In contrast to “blue-chip NFTs” like the well-known BAYC, which have suffered a steep decrease in value in recent months, things have been improving for new NFT collections.

The main factors for the industry’s excellent performance this year were collections like Moonbirds and Okay Bears.

You also have Goblintown, a free-to-play collection that has been sweeping the NFT industry. Since its introduction at the end of May 2022, the collection has brought in more over $31 million.

Goblintown is in in high demand, and as of this writing, its floor price has increased from 0 to 6 ETH.

What Will Happen to the Market Next?

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Photo credit: CoinGecko 

One thing you should know is that NFTs are crypto assets. As volatile as the Bitcoin market is, so is the NFT market. NFT sales often decrease when Ethereum prices do, and vice versa.

The NFT business is successfully filling a need in the gaming industry. Nearly 36% of NFT owners, according to statistics gathered by CoinGecko, utilize their holdings mostly for gaming.

Therefore, it wouldn’t surprise us if the market had a significant rebound later this year. Thus, the second half of 2022 may be quite favorable for NFTs.

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