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NFTs have 'fallen off the cliff' as sales, prices plummet in recent weeks

The crypto niche is on course to record its first month with under $1 billion in sales since June 2021, according to data tracker DappRadar

Non-fungible token, NFT, cryptocurrency, blockchain
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Prices of top-selling NFTs have also slipped.

Olga Kharif | Bloomberg
The market for nonfungible tokens — such as artwork of bored apes — has been spiraling downward after sales sank sharply and the prices of popular NFTs plummeted over the last few weeks.

The crypto niche is on course to record its first month with under $1 billion in sales since June 2021, according to data tracker DappRadar. On the world’s biggest NFT marketplace, OpenSea, sales volume has fallen 75 per cent since May, and looks set to scrape the lowest levels since July 2021, Dune data shows.

Prices of top-selling NFTs have also slipped. Some Otherdeed NFTs, which were

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First Published: Jun 29 2022 | 9:13 PM IST

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