Last June, monthly NFT revenue fell to a 12-month low of about $1 billion.
After NFT sales peaked at $12.6 billion in January this year, sales fell last month, according to a Guardian reportbased on data from crypto research firm Chainalysis, is around $1 billion.
Thus, June 2022 represents the weakest month in terms of sales in twelve months. NFT sales were last lower in June 2021, when they reached 648 million US dollars.
According to Chainalysis economist Ethan McMahon, the slowdown in NFT sales is linked to the overall decline in the cryptocurrency market, which has fallen in value from $3 trillion to under $1 trillion since November 2021:
“This drop is definitely linked to the overall slowdown in crypto markets.”
“Times like these will inevitably result in consolidation in affected markets and for NFTs we will likely see a decline in terms of collections and types of NFTs gaining traction.”
Despite the current decline in the market, various companies continue to rely on the technology for their projects. Web 3 company Polium recently announced an NFT game console for the third quarter of 2024.
Also earlier this month, PlayStation veterans Michael Mumbauer and John Garvin announced they are working on an NFT game called Ashfall as part of the founding of their new development studio, Liithos.