NFT Market Needs to Focus on More Than ‘Community’ to Survive
1 min read
The NFT market has arguably never been in more dire straits. A new industry report out this week confirmed the industry is on a long-term decline. But what can those involved and behind NFTs do about it? BeInCrypto asked experts for their thoughts.
No matter how you slice it, the NFT market is struggling right now. Yesterday, August 3, DappRadar released its monthly industry report and confirmed that NFT sales had dropped for a fifth consecutive month.
Five Consecutive Months of Decline for the NFT Market
In July, NFT trading volume dropped by 29% to $632 million compared to June. The total number of NFT sales also fell by 23% to $3.7 million. A previous report from DappRadar analyzing the second quarter of 2023 showed that NFT trading volume declined 38%.
To underscore the point, Nifty’s, a web3 creators portal that had brand deals with the likes of Looney Tunes and The Matrix, and was backed by the likes of Mark Cuban, suddenly closed down on August 3.
Many criticisms have been aired about NFTs as a class of crypto assets. For one, the most popular, and expensive, tokens have been based on little more than exclusivity. But, the exclusivity and the price are one and the same. Once one collapses, the entire edifice begins to crumble.
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