After defying the trend for several months, NFT sales have finally fallen in line with the broader crypto bearish trend. Data from DappRadar and Chainalysis shows that NFT sales in June have been the lowest since June 2021.
June sales at 12-month low
A recent Bloomberg report says that the NFT market in June is set to sell below $1 billion for the first time since June 2021. Citing DappRadar data, it said OpenSea’s sales volume in June was $670 million, down 75% from May’s numbers. , Compared to $5 billion in January, OpenSea’s monthly volume in June is the lowest for the world’s largest NFT market since July 2021.
However, citing Chainalysis data, The Guardian noted in its report on July 2 that the NFT sales figure for June 2022 was slightly better at $1 billion, up slightly from its peak of $12.6 billion in January 2022. was better.
NFT sales skyrocketed in 2022 and touched $40 billion. However, the numbers were even stronger earlier this year, with total sales pegged at $42 billion, accounting for more than half of January and February sales.
theft and scam
In recent months, scams and thefts in the NFT sector have risen to alarming levels.
In one of the biggest hacks in NFT history, Axi Infinity, a play-to-earn NFT gaming platform on the Ethereum network, lost $625 million in March. It has recently resumed operations after working for months on strengthening security.
Following the hack, the user base of Axie Infinity has reportedly dropped by 40%. Although Sky Mavis, the developer of the Ronin blockchain that powers Axi Infinity, has promised to reimburse players for losses, Ethereum’s value has fallen by two-thirds. Ranked among the top 3 NFT projects, Axi Infinity recorded $4.14 billion in NFT sales in February 2022.
OpenSea noticed a data breach involving the email IDs of its customers. Many of them complained on social media that they had received several emails that appeared to be phishing attempts.
In a notification confirming the data breach, OpenSea disclosed that an employee of a vendor had gone rogue and sent the email database to a third party. The NFT platform has asked its customers to be alert for any phishing attempts via email.
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