It seems that the endless Doop Snogg promo hasn't been enough to save the market. June looked to be a terrible month for the industry.
The median NFT price is $412 compared to the April average of $1,754. The popular trading platform Open Sea only saw $700 million worth of sales this past month, a sharp drop from last month's $2.6 billion, which was already down from January's $5 billion in sales volume.
The number of resales has fallen as well. Take, for example, the Malaysian business tycoon who paid a lot of money for Jack Dorsey's first post. Top offers for the piece rang in at just a few thousand when he tried to re- home it.
Not to mention broader economic fears, these stark and severe losses come amid the cryptoosphere'scollective downward spiral. Is the NFT industry a total sham or is it just an overhyped good?
The co- founder of NonFungible might agree with the latter diagnosis.
Zuppinger said that there was a lot of hype around the asset. People realize they won't become millionaires in two days.
Some people are looking to build empires while prices are low. Someone wants to turn lemons into lemonade. The global head of product at GSR is BenoitBosc.
According to the publication, Bosc spent $500k of company money on "blue chip" NFTs such as the celeb-favorite Bored Ape Yacht Club in June, and he sees the acquisitions as a way to establish "respectability, authority and influence."
The latest numbers show how cold the winter is in the virtual world. If Silicon Valley's dreams for the Metaverse do come true, it may be that NFTs do so at a more reasonable price point.
A teen is selling action figures of Bored Apes to adult children.
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