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NFT marketplace trading is down big as crypto winter rages on – Coin24h.com

NFT marketplace trading is down big as crypto winter rages on – Coin24h.com

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Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Cryptowinter is still raging in the aftermath of the event Country fiasco and numerous large ones crypto loan companies goes bankrupt.

It turns out that cryptocurrencies’ blockchain brethren, NFTs, aren’t so hot either.

Highly volatile speculative investments that marked digital assets on the blockchain are feeling the effects of the crypto winter. The largest NFT marketplace, OpenSea, has seen trading volumes drop by a whopping 99 percent in the four months between May and August 2022, according to data from Decentralized App Store. DappRadar and reported Luck.

SEE ALSO:

Ethereum’s The Merge is this year’s most important crypto event. Here’s why.

The collapse in popularity of the NFT market is even more dramatic when you look at the financial numbers. OpenSea did about $2.7 billion in transactions on May 1. On August 28, just over $9.3 million transacted on the platform.

However, celebrities and brands continue to promote NFT projects, hoping to fill their digital pockets.

In fact, celebrities hawking NFTs without proper disclosure has become so rampant that consumer advocacy group Truth in Advertising sent out a message. warning letters to several celebrities including Justin Bieber and Reese Witherspoon for their cheating.

At the MTV VMAs last Sunday, August 28th, Eminem and Snoop Dogg took the stage and performed altered For Bored Ape Yacht Club’s NFT 3D models. The Bored Ape aspect of the show had many viewers asking…why?!

But if you know either artist, you know about them robberies into the NFT space in recent years. Snoop Dogg, in particular, has gone all out after being done with non-tradable tokens 44 million dollars just earlier this year sold his latest album NFTs.

Earlier this year, however, it was a much different time for NFTs. Today, Bored Ape Yacht Club’s NFT, easily the most popular of the NFT projects, has also plummeted in value. At its peak on April 30, Bored Ape NFT bottomed at 154 Ether, a cryptocurrency traded on the Ethereum network, but on September 2 bottomed at around 75 Ether, a drop of over 50 percent. value. It should also be noted that the value of Ether has also dropped from around $2,800 in April to $1,500 in September. So Bored Apes has taken quite a hit.

And the downturn isn’t just about OpenSea either. Other NFT markets feel it too. Coinbase, the largest US crypto exchange, launched own NFT marketplace in May. It has failed to gain real traction, often just a recording about low five figure sales per day. Also video game retailer Gamestop launched own NFT marketplace in July and has seen roughly the same action…or lack thereof.

However, some signs read the room. Especially the studio behind the hugely popular Minecraft video game announced it would not deal with NFT.

SEE ALSO:

Crypto.com gets its fortune after accidentally hitting a millionaire

But still, the brand crush on NFT continues. Starbucks is looking bring to the markets loyalty program using NFTs, luxury brands like Gucci and Tiffany get to non-substitutable brand activity, and even M&M’s are release Bored Apes version of its sweets.

Cryptocurrency has faced downturns before and has made a comeback. However, the much newer NFT phenomenon faces an even bigger challenge: brands believe in it, but consumers don’t. It’s a big problem to overcome.



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