NFT June Sales Down to 12-Month Lows Amid Ongoing Bear Market (Report) After Braving Bear Market, NFT June Sales Down to A 12-Month Low (Report)

Bear Market

After defying the trends for several months, NFT sales have finally fallen in line with the broad cryptocurrency bear market trends. DappRadar and Chainalysis data reveal that the NFT sales in June have been the lowest since June 2021.

June sales at 12-month low

A recent Bloomberg report said the NFT market in June was on course to achieve less than $1 billion in sales for the first time since June 2021. Citing data from DappRadar, it added that sales volume OpenSea in June was $670 million, down 75% from May figures. . Compared to $5 billion in January, OpenSea’s monthly volume in June is the lowest in the world’s largest NFT market since July 2021.

However, citing Chainalysis data, The Guardian, in its report on July 2, noted that the NFT sales figure for June 2022 was slightly better at a little over $1 billion, from its peak of $12.6 billion in January 2022.

NFT sales exploded in 2022 and reached $40 billion. However, the numbers were even stronger at the start of this year, with total sales pegged at $42 billion, with January and February sales accounting for more than half of that.

Thefts and Scams

In recent months, scams and thefts in the NFT space have risen to alarming levels.

In one of the biggest hacks in NFT history, Axie Infinity, an NFT gaming platform on the Ethereum network, lost $625 million in March. It recently resumed operations after months of work to tighten security.

Following the hack, the user base of Axie Infinity has reportedly fallen by 40%. Although Sky Mavis, the developer of the Ronin blockchain that powers Axie Infinity, has promised to reimburse the players’ losses, the value of Ethereum has dropped by two-thirds. Ranked among the top 3 NFT projects, Axie Infinity recorded $4.14 billion in NFT sales in February 2022.

OpenSea witnessed a data breach involving its customers’ email ids. Many of them complained on social media that they had received several emails that looked like phishing attempts.

Confirming the data breach in a notification, OpenSea revealed that a vendor’s employee had turned rogue and passed on the email database to a third party. The NFT platform has asked its customers to stay vigilant against any phishing attempts through their emails.

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