NFT market declines for the fifth consecutive quarter as trading volume shrinks significantly

According to a report by Jinse Finance citing Bloomberg, NFTs, once a hot spot for cryptocurrency traders and enthusiasts, now appear to have lost much of their former appeal. This once-booming sector has seen trading volumes decline for five consecutive quarters. Data compiled by DappRadar shows that total NFT trading volume in the second quarter dropped to $823 million, compared to $4 billion during the same period last year. Although NFT trading volume in 2024 has already fallen by 19%, marking the worst year on record for the sector, this year’s figures indicate that the market downturn has yet to reach its bottom. These numbers also reflect that digital assets represented by collectible cartoon avatars and viral memes are gradually losing their previous allure.