The NFT crash continued. According to new data, NFT sales volume is now at its lowest level since last year, due to a persistent cryptocurrency meltdown.
A report by Bloomberg said that NFT sales reached the lowest point since June 2021. Data from DappRadar shows that the dollar value of the NFT sales has dropped below $1 billion, and the NFT Index is decreasing by 70 percent since launching in April.
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The world’s largest NFT platform, sales volume fell 76 percent since last month and is still at its lowest since the winter 2021. Data from Dune.com indicates Junes monthly volume was just over 6000 million dollars, compared to almost five billion dollars in January. As the rise in NFT enthusiasm becomes more and more, the number of monthly traders ignoring the trend is becoming more or less profitable. Even a cryptocurrency restaurant doesn’t accept crypto as a payment option anymore.
Besides being unsustainable for the environment, NFTs have gained a reputation for being dangerous. Every day reports emerge of a new NFT project which fetched thousands of dollars to its investors, or players in a NFT who have their previous jpegs stolen after the platform got hacked.
Among the largest NFT games recent, a hack was perhaps the biggest in the game history. Axie Infinity lost 600 million dollars after being hacked by Lazarus Group, a group affiliated with the North Korean government. Sky Mavis returned to the business just recently with a promise to remunerate his losses. Despite the fact that the Ethereum cryptocurrency that Axie Infinity is backed on has lost much of its value in the past three months since the attack, the amount that Sky Mavis will reimburse is just a third of what was stolen.
According to the reports, Axie Infinity’s users base has dropped 40 percent since the hack.
Another prestigious NFT heist saw comedian Seth Greens stolen NFT. Green was forced to pay a $300,000 ransom for the apes returning as he planned on having the NFT star in a new TV series about a world where NFTs are real.
