The NFT marketplace has seen sales dip to a year's low, clocking in at under $1 billion 

For the first time in a year, monthly NFT sales have fallen below the billion-dollar threshold, as reported by  CryptoSlam . Since July 2021, the NFT market has stayed relatively strong yet it is currently experiencing a downturn similar to that of cryptocurrencies. 

In November of last year, the average daily sales of NFTs peaked at around 200,000, but by June this year, that figure plummeted to just 19,000, a staggering drop of over 90% in a mere eight months. 

OpenSea, a leading NFT marketplace, also faced a significant downturn in sales, reporting $670 million in transactions for June, a stark 75% decrease compared to May. To illustrate, January's trading volume was an impressive $5 billion.  

The overall cryptocurrency market capitalization has fallen by more than 60% since the beginning of the year, now standing below $900 billion. Moreover, Ethereum, the blockchain underpinning most NFTs, has experienced a similar drop of over 60% since January, affecting prominent NFT collections like BAYC and CryptoPunks.

Jonathon Miller, director at cryptocurrency exchange Kraken, remarked, 'The NFT sector has not escaped the turmoil seen within the cryptocurrency landscape, and the accompanying decline in traditional finance—especially the crash of tech stocks—has created an environment ripe for diminishing investor confidence.' Forkast . 

While the timeline for market recovery remains uncertain, the practical applications of NFT technology are likely to persist even amid turbulent market climates. 

The market will require fresh capital inflow after witnessing a series of collapses, reminiscent of recent failures like Luna Terra two months prior, Celsius last month, and the financial troubles faced by Three Arrows Capital last week. crypto funds and projects 'The apparent downfall of closed-book lending entities serves as a long-term reminder that a transparent and open infrastructure is essential for the next generation of digital financial innovations. Only those projects and companies committed to this principle are expected to withstand the current upheaval,' Miller stated.

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