In July, the trading volume of non-fungible tokens (NFT) on the secondary market decreased by 26% compared to the previous month, to $647.2 million, according to CryptoSlam data.
According to the service, the number of unique buyers has been declining for the third month. In May, the figure was 694,850; in June, it dropped to 574,133, and in July to 532,378.
Influxo NFT studio co-founder Anndy Lian pointed to the ongoing bearish trend in a Forkast comment. CryptoSlam non-fungible token strategist Yehuda Petsher doubted the market would “find a bottom this year.”
“I believe that this bearish cycle that we are in can last for several years,” the expert admitted.
Petscher added that the number of unique buyers inspires some optimism. According to him, the figure decreased by about 7% in July, which is higher than a year earlier (432,317).
“NFTs are in a tough spot right now, but I still think [the sector] is in very good shape in terms of growth [or] transactions,” Petscher said.
The top seller in July was the Bored Ape Yacht Club collection with $51.4 million. CryptoPunks hold the second line with $50.7 million.
According to Lian, the NFT market could be boosted by Ethereum’s transition to the Proof-of-Stake consensus algorithm. Previously, the developers tentatively approved the blockchain migration for September 19, 2022.
The Goerli test network will switch to the new consensus algorithm when the cumulative network difficulty reaches 10,790,000. According to experts, this will happen between August 6 and 12.
