Main topic: Decline in NFT sales and the need for new opportunities in the sector.
Key points:
- NFT sales in July totaled $495.6 million, down 23% from June.
- This marks the fifth consecutive month of declining NFT sales since February.
- The average sale in July was just $47, indicating less interest in high-value NFTs.
- Transaction levels remain high, indicating a growing prevalence of low-barrier NFT sales.
- Ethereum, Bitcoin, and Solana were the top blockchains for NFT sales in the past 30 days.
- The decline in NFT sales highlights the need for players and builders in the sector to find new growth opportunities.
Recur, an NFT platform that featured collectibles from popular brands, is shutting down due to challenges and changes in the business landscape, causing a decline in the value of its offerings. Users can still access their NFTs through IPFS, but the company will disable deposits and gradually take its websites offline. This closure follows a trend in the NFT community, as other platforms have also shut down recently.
Despite recent price declines and claims that the hype around Bitcoin NFTs has died down, ordinal inscriptions continue to dominate activity on the Bitcoin network, accounting for nearly 85% of all transactions.
The US Securities and Exchange Commission (SEC) has taken its first enforcement action against a company for selling unregistered securities in the form of non-fungible tokens (NFTs), with Impact Theory settling with the SEC for over $6.1 million and decommissioning its Founder's Key NFTs.
OnChainMonkey, a nonfungible token collection, is migrating its 10,000 NFTs from Ethereum to Bitcoin due to the belief that Bitcoin offers a more secure platform, with the migration process expected to cost over $1 million; however, Ethereum still dominates the NFT market.
ApeCoin, the Ethereum-based token linked to the Bored Ape Yacht Club NFT collection, has reached a new all-time low, trading at $1.16 and falling 7% in the last day and over 42% in the past month. The token's decline has outpaced the drop in the floor price of Apes, as the NFT market loses momentum.
The nonfungible token (NFT) market has experienced a significant decline in value, but experts believe that NFTs still have potential for growth and innovation in the future, particularly if they can offer tangible benefits and utility beyond digital art, such as asset-backed NFTs and membership-based models.
Google will allow games featuring nonfungible tokens (NFTs) to advertise on its platform, a developer stole $1 million from the Milady NFT collection, CNA Insurance excludes NFT coverage from a $20-million policy, the metaverse is popular in Asian markets, and Binance ends support for Polygon-based NFTs.
A recent study has found that 95% of NFT collections are effectively worthless, indicating that the NFT market has significantly declined compared to its peak in 2021 and 2022.
Mainstream media outlet Rolling Stone has claimed that 95% of nonfungible tokens (NFTs) have no value, according to a study by DappGambl, although some community members believe that the narrative may change in the future.
The NFT bubble has burst as prices and trading volumes have plummeted, leaving many NFTs worthless and their future prospects bleak.
The majority of NFTs are reportedly worthless, with 69,795 out of 73,257 NFT collections having zero market cap, and 95% of NFT owners have lost money, leading major brands such as GameStop, Nivea, and Anheuser-Busch to reconsider their NFT ventures.
The recent collapse in the price of NFTs is not a sign of distress but rather a sign of maturation in the technology, as market adjustments and a shift towards genuine utility and innovation are expected to stabilize the market, according to Web3 executives.
The Ethereum DApps ecosystem is flourishing, offering developers the opportunity to build applications on a secure blockchain network using their own native coins or non-fungible tokens (NFTs), with over 3,000 DApps currently running on Ethereum.
A new fund called Unbroken Chain plans to raise $5 million to trade Ordinals and inscriptions, non-fungible tokens (NFTs) stored on the Bitcoin blockchain, despite controversy over their impact on network congestion and fees.
