Footprint Analytics has released the NFT Industry Report, which summarizes and analyzes the NFT industry’s overall data, such as trading volume.
Although NFTs, which gained a successful momentum at the beginning of the year, remained popular, they could not prevent the decreasing interest in the second quarter. According to the NFT Industry Report, NFT trading volume dropped to 41 percent in the second quarter of 2022.
NFT Trading Volume Down
Trading volume declined in the second quarter of this year as interest in NFTs dropped off, which had a good start to the year. The NFT Industry Report for the second quarter of 2022, created by Footprint Analytics and released on August 7, shows that NFT trading volume dropped 41 percent.
The report states that due to the low prices in the cryptocurrency market, investment capitals are flowing into the NFT market for collectibles, games and art. These positive and negative developments also put the NFT market into an active volume.
With the collapse of Terra in mid-May, the crypto market faced significant challenges and the NFT market cooled. NFT trading volume, which was $19.02 billion in the first quarter, fell to $11.26 billion in the second quarter.
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