NFT hype evidently dead as daily sales in June 2022 dip to one-year lows

2022.07.04 10:10

NFT hype evidently dead as daily sales in June 2022 dip to one-year lows

Nonfungible tokens (NFT) took center stage in the year 2021 as artists, influencers, A-list celebrities and the sports industry finally came across a fan engagement tool that empowered the general public to cash in on their success. However, the hype around NFT did not manage to stand its ground as sales plummeted to one-year lows amid the ruthless bear market of 2022.

The NFT boom, which started in early 2021, upheld its glory until May 2022 — supported by a healthy and bullish crypto ecosystem and positive investor sentiment. However, Bitcoin’s (BTC) struggle to hold on to its all-time high prices had an adverse impact across the crypto ecosystem.

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