NFT trading volume plunges 98% from January despite rise in adoption

According to data compiled from Dune Analytics, the weekly trading volume of nonfungible tokens, or NFTs, across the blockchain realm has plunged to $114.4 million.

This represents a decrease of 98% from the $6.2 billion witnessed around the end of January. Weekly NFT trading volume rose to an all-time high of $146.3 billion in early April before falling off a sharp cliff in May with the start of an ongoing crypto bear market.

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