The non-fungible token (NFT) market has had another rough month, according to the latest report from DappRadar. The question is, how long can the pain last?
NFT trading volume dropped by 29% to $632 million in July, and the total number of NFT sales also fell by 23% to 3.7 million. That follows a previous report from DappRadar, which showed NFT trading volume dropped 38% in the second quarter of this year.
NFT Market Dropping Almost Every Month
Before that, in June, the company registered a 44% dip in unique daily unique active wallets in the NFT sector. A month before that, in May, DappRadar saw a 44% drop in NFT trading volume.
This month, the market continued to contract. DappRadar noted a 19% decrease in dUAW to 70,338, making up only 4% of the industry’s total activity.
But it wasn’t just non-fungible tokens suffering. The total value locked (TVL) in the DeFi sector decreased slightly by 2.27% and now…
