CRYPTO | NFT trading volume records 41% drop in Q2 2022
Profitability in the NFT markets has changed significantly and this is the most notable development of the past six months.
According to data released by StockApps.com, NFT trading volume recorded a 41% drop in Q2 2022.
“Lately, the NFT market has experienced a bearish nature. The downtrend in trade volume is due to the bad crypto market. Most investors are afraid to take risks with crypto assets. NFT is a casualty,” said Edith Reads, StockApps analyst, speaking on the data. “Yet, the NFT market is likely to make a comeback. Expect growth as things begin to shape up and the crypto market is taking steps.”
Profitability in the NFT markets has changed significantly and this is the most notable development of the past six months. The year 2022 is more challenging for NFT profitability than 2021. Yet, the market continue to have faith in the NFT sector.
Q1 2022 saw a decline in asset, in US dollars, and active wallet volume compared to Q4 2021. Still, Q2 2020 showed auspicious volume figures compared to Q1 2021. Keep in mind that this market was established after the 2017 ICO era and is, as a result, highly resistant to fluctuations in the crypto market.
Even considering only the past quarter, it is possible to acknowledge at least that the market has undergone significant shifts. The uncertainty around NFTs appears to have subsided, at least for the time being. The NFTs are no longer in the public eye.
The possibility of making a profit exists throughout bull markets. However, the actual value of an investment is typically created during bear markets.
“NFTs represent the pinnacle of technological progress in the digital realm. It is a fantastic investment platform, and its prospects are bright. With blockchain and NFT, the digital world is secure. Besides, it is a tremendous investment opportunity for crypto, digital lovers, and businesses,” said Reads.
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