According to CryptoSlam data, the trading volume of non-fungible tokens (NFT) on the secondary market decreased by 26% compared to the previous month in July, to $647.2 million.
According to the service, the number of unique buyers has been declining for the third month in a row. In May, the figure was 694,850, in June it dropped to 574,133, and in July to 532,378.
According to Influxo NFT studio co-founder Anndy Lian, there is an ongoing bearish trend. CryptoSlam non-fungible token strategist Yehudah Petscher has also doubted the market would “find a bottom this year.”
The expert has said:
“I believe that this bearish cycle that we are in can last for several years.”