According to data from NFT aggregation site CryptoSlam, July’s secondary NFT market sales fell to $650 million, a 25% drop from June figures. This is the second month in a row that NFT sales have been below $1 billion.
Anndy Lian, blockchain author and entrepreneur and founding member of NFT creator studio Influxo explained that “the current [crypto] market right now is in a bear market […] so [NFT] sales actually reflect very much on how the market is reacting.”
Meanwhile, NFT relations strategist for CryptoSlam, Yehudah Petscher said he thinks the market was yet to find the bottom.
“I think [the Merge] will create another spur of hype among the Ethereum fan base,” Lian said, warning that transaction fees will likely remain high.
Meanwhile, Yuga Labs projects continue their dominance of the bestseller list in July, with the company’s Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and CryptoPunks all in the top five.
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Source: Cryptocurrency - investing.com
