{"id":14842,"date":"2024-07-01T11:27:14","date_gmt":"2024-07-01T08:27:14","guid":{"rendered":"https:\/\/forklog.com\/en\/nft-sales-plunge-44-amid-crypto-market-downturn-and-meme-token-surge\/"},"modified":"2024-07-01T11:27:14","modified_gmt":"2024-07-01T08:27:14","slug":"nft-sales-plunge-44-amid-crypto-market-downturn-and-meme-token-surge","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/nft-sales-plunge-44-amid-crypto-market-downturn-and-meme-token-surge\/","title":{"rendered":"NFT Sales Plunge 44% Amid Crypto Market Downturn and Meme Token Surge"},"content":{"rendered":"

The frenzy surrounding meme coins, coupled with a general downturn in the cryptocurrency market in the second quarter, led to a 44% drop in non-fungible token (NFT) sales. This was stated by Apollo Crypto’s Chief Investment Officer Henrik Andersson in an interview with Cointelegraph<\/a>.<\/p>\n

According to CryptoSlam<\/a>, NFT sales volume fell from $4.14 billion in the first quarter of the year to $2.32 billion in the second.<\/p>\n

\"NFT
NFT sales volume. Data: CryptoSlam.<\/figcaption><\/figure>\n
\n

\u201cThe second quarter was tough: Bitcoin fell by 15%, and many altcoins performed significantly worse,\u201d Andersson added.<\/p>\n<\/blockquote>\n

In his view, meme tokens have \u201ctaken\u201d mind share<\/span> from NFTs. In the last 24 hours alone, trading volume for such assets exceeded $3.6 billion<\/a>.<\/p>\n

This is largely due to interest in \u201cpolitical\u201d and celebrity-created coins.<\/p>\n

The Apollo Crypto executive noted that Bitcoin \u201cinscriptions\u201d might also have diverted some popularity from NFTs:<\/p>\n

\n

\u201cIn the long term, Ordinals will continue to capture market share in the non-fungible token space, especially with the emergence of numerous second-layer solutions for the first cryptocurrency’s blockchain.\u201d<\/p>\n<\/blockquote>\n

However, activity in the Ordinals and Runes segments has also declined<\/a> in recent months. In June, sales volume for \u201cinscriptions\u201d totaled $116 million<\/a>, compared to $191 million in May and $708 million in April.<\/p>\n

The largest NFT collection remains Bored Ape Yacht Club (BAYC) with a market capitalization of $344 million<\/a>. Following are Mad Lads on Solana ($146 million) and Milady Maker on Ethereum ($201 million).<\/p>\n

In April, Magic Eden took the lead<\/a> in trading volume among NFT marketplaces with $486 million. Blur, for the first time since its launch, ceded its leadership position.<\/p>\n

In March, BAYC #9258, owned by American comedian Kevin Hart, was sold for 13.65 ETH<\/a>\u201476% below its purchase price. A token from the same collection owned by pop star Justin Bieber depreciated by nearly 95%<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The frenzy surrounding meme coins, coupled with a general downturn in the cryptocurrency market in the second quarter, led to a 44% drop in non-fungible token (NFT) sales. This was stated by Apollo Crypto’s Chief Investment Officer Henrik Andersson in an interview with Cointelegraph. According to CryptoSlam, NFT sales volume fell from $4.14 billion in […]<\/p>\n","protected":false},"author":1,"featured_media":14841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1145,1161,1213],"class_list":["post-14842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-market-analysis","tag-memes","tag-nft"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=14842"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/14842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/14841"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=14842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=14842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=14842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}