In July the volume of trading of non-substituted tokens (NFT) in the secondary market decreased by 26% compared to the previous month, to $647.2 million, according to data from CryptoSlam.
According to the service, the number of unique buyers decreased for the third month in a row. The figure was 694,850 in May, dropped to 574,133 in June and 532,378 in July.
Influxo NFT co-founder Endy Lian, in a commentary to Forkast, pointed to a continued bearish trend. Jehuda Petscher, a non-reciprocal token strategist at CryptoSlam, doubted that the market will “find a bottom this year.”
“I think this bear cycle we’re in could last a few years,” the expert conceded.
Petscher added that some optimism is inspired by the number of unique buyers. The number was down about 7 percent in July, he said, and is higher than a year earlier (432,317).
“NFTs are in a tough spot right now, but I still think [the sector] is in very good shape in terms of growth [or] transactions,” Petscher said.
The leader in July sales was the Bored Ape Yacht Club collection with $51.4 million. Second place was held by CryptoPunks with $50.7 million.