NFT June Sales Hit 12-Month Low Amid Ongoing Bear Market

The NFT June sales hit 12-month low amid the ongoing bear market but it did record a whopping $42 billion in sales so let’s have a closer look at our latest cryptocurrency news.

After defying the trends for a few months, the NFT sales finally fell in line with the broad crypto bear market trends as DappRadar and Chainalysis data reveal that the NFT June sales hit a 12-month low, the lowest since June 2021. The reports from Bloomberg say that the NFT market is poised for under $1 billion in sales and added that OpenSea’s sales volume in June was $670 million down by 75% compared to the $5 billion in January and the OpenSea monthly volume in June was the lowest since July 2021.

Citing Chainalysis data, the Guardian noted in the reports that the NFT sales figure for June 022 was better at over $1 billion from the peak of $12.6 billion. The NFT sales surged in 2022 and hit $40 billion but the numbers were more robust at the start of the year with the total sales reaching $42 billion and January and February sales accounting for half of it. Scams and thefts in the NFT space increased to alarming levels and in one of the biggest hacks in the NFT history, Axie Infinity as a play to earn NFT gaming platform lost $625 million and recently resumed operations after months of working on bolstering security.

The user base of Axie Infinity dropped by 40% but Sky Mavis promised to reimburse the losses with the value of ETH dropping by two-thirds. Ranked among the top 3 NFT projects, Axie Infinity recorded $4.14 billion in sales in February this year.  OpenSea witnessed a data breach involving the emails of the customers and many of them complained on social media that they got multiple emails that seem such as phishing attempts. Confirming the data breach in the notification, OpenSea revealed that the employee vendor turned rogue and passed the database to a third party. The NFT platform asked customers to stay vigilant against other attacks via their emails.

As recently reported, The Coinbase NFT released more features for its small userbase since its public beta launch and it added an NFT Bulk Manage feature as well as a Liked tab with the ability to edit list prices, insights page, and the notification hub. It also added rarity filters, a “following” feed, and the ability for the users to connect up to 10 wallets to a single NFT account among other things. The traders haven’t really materialized despite the platform holding off any Coinbase fee for a limited time.