NFT sales drop to 12-month low amid cryptocurrency slump
The appeal of NFTs (non-fungible tokens) appears to have dropped off. After enjoying a period of near-meteoric popularity, the value of NFT sales has been decimated over the past six months.
NFT sales for June 2022 were a little over $1 billion, compared to a peak of $12.6 billion at the start of the year. The drop in interest takes NFTs to their lowest level in a year, and it comes as the cryptocurrency markets have suffered a period of extreme volatility and price drops.