Bloomberg: NFT Market Sees Fifth Consecutive Quarterly Decline, Significant Drop in Trading Volume

BlockBeats News, July 9th, according to Bloomberg, what was once a hot field for cryptocurrency traders and enthusiasts, NFTs now seem to have lost their former glory. This once booming track has seen its trading volume decline for five consecutive quarters.

According to data compiled by DappRadar, the total NFT trading volume in the second quarter dropped to $823 million, compared to $4 billion in the same period last year. Despite a 19% decline in 2024 NFT trading volume, marking the worst year ever for the field, this year's data indicates that the market slump has not yet bottomed out.

These numbers also reflect that digital assets represented by collectible cartoon avatars and viral meme NFTs are gradually losing their past allure.