The hype around meme coins, as well as the general negative in the cryptocurrency market in the second quarter contributed to a 44% drop in sales of non-interchangeable tokens. This was stated to Cointelegraph by Apollo Crypto investment director Henrik Andersson.
According to CryptoSlam, NFT sales fell from $4.14 billion in the first quarter of the year to $2.32 billion in the second.
NFT sales volume. Data: CryptoSlam."The second quarter was difficult: bitcoin fell by 15%, and many altcoins performed much worse," Andersson added.
In his opinion, meme tokens have "taken away" the share of attention from NFT. In the last 24 hours alone, the trading volume of such assets exceeded $3.6 billion.
This is largely due to the interest in "political" and celebrity-created coins.
The top manager of Apollo Crypto stressed that bitcoin "inscriptions" could also take away some of the popularity from NFT:
"In the long term, Ordinals will continue to occupy market share in the space of non-interchangeable tokens, especially given the emergence of a large number of second-level solutions for the blockchain of the first cryptocurrency."
However, activity in the Ordinals and Runes segment has also decreased over the past few months. In June, the volume of sales of "inscriptions" amounted to $116 billion, while in May the figure reached $191 billion, and in April — $ 708 billion.
The largest NFT collection is still the Bored Ape Yacht Club (BAYC) with a capitalization of $344 million. Next are Mad Lads on Solana ($146 billion) and Milady Maker on Ethereum ($201 billion).
Recall that in April, Magic Eden came out on top in terms of trading volume among NFT marketplaces with an indicator of $486 million. Blur has lost the lead for the first time since launch.
In March, BAYC #9258, owned by American comedian Kevin Hart, sold for 13.65 ETH — 76% below the purchase price. Pop star Justin Bieber's token from the same collection has depreciated by almost 95%.