After violating the tendencies for several months, the Non-Fungible Tokens have finally fallen in line with the broad cryptocurrency bear market tendencies. The NFT sales have been swept up in the crypto crash as the gross sales in June have reached a 12-months low since June 2021.
NFTs grant the ownership of some unique digital article, generally a piece of visual art, to someone. The entitlement is given even if that item can easily be copied. This ownership is recorded on the blockchain, a digital, decentralized ledger.
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According to a report by Chainalysis, a crypto research firm, the sales of NFTs totaled just over $1 billion in June. The report stated that this had been their worst performance since June 2021. The sales reached a peak of $12.6 billion in January.
NFT June Gross Sales at 12-Month Low
According to a recent report published by Bloomberg, the NFT market dipped to under $1 billion in sales, an all-time low since June last year. The DappRadar data also stated that OpenSea’s sales volume dunked to $670 million, which was low by 75%, compared to May’s data. As compared to $5 billion in January, the monthly volume in June is the lowest since July 2021.
However, in its report, the Chainalysis data, The Guardian, displayed a slightly better sales figure of NFT for June 2022, with sales of a little over $1 billion.
The gross sales of NFT soared and touched $40 billion in 2022. However, the numbers were even better at the start of the year, when the total sales reached $42 billion. The sales of January and February accorded for more than half of it.
NFT Theft and Scams
That said, an alarming increase in the scams and thefts within the NFT house has been noticed in recent months.
Axie Infinity, an Ethereum Network-based play-to-earn NFT gaming platform, lost $625 million in March. This has been one of the largest hacks in the history of NFT. After several months of augmenting the security system, it has recently resumed its operations.
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Since the incident, Axie Infinity has witnessed a fall in userbase by 40%. Despite the promise by Sky Mavis (the developer of Ronin Blockchain) to reimburse the losses of players, the value of Ethereum went down by two-thirds.
A data breach involving the Email IDs of customers was reported at OpenSea, where there were several complaints on social media stating that the customers received multiple emails that seemed to be phishing attempts. OpenSea posted a notification confirming the breach of data.
The NFT platform has also advised its customers to ensure that they are vigilant against phishing attempts via emails.