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The global NFT industry recorded a 25 per cent drop in terms of buyers and volume of sales in the second quarter of this year, with bearish trends dominating the market.
In total, about $8 billion worth of NFTs were purchased in the second quarter, which is 25 percent less than $10.7bn spent in the first quarter, according to NonFungible.com, an NFT market analysis platform that tracks the Ethereum blockchain.
The market is experiencing a historical bearish period. Liquidity is down and prices are very largely affected by the fall in value of cryptocurrencies. For the first time in the history of NFTs, trading-related activities are no longer profitable,
the company said in a statement.
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