NFT Sales Plummet 44% in Q2

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During the second quarter, the sale of non-fungible tokens (NFTs) saw a significant decline of 44%, attributed to various factors such as the increase of celebrity, political, and animal-themed memecoins and a downturn in the overall crypto market.

According to Henrik Andersson, chief investment officer at Apollo Crypto, the decline in NFT sales from $4.14 billion to $2.32 billion can also be attributed to the decrease in the value of Bitcoin and other altcoins.

Additionally, the rise in popularity and trading volume of memecoins, particularly those related to politics and celebrities, may have played a role in diverting attention and interest away from NFTs.

Despite the slowdown in NFT sales, memecoins continue to see high trading volumes, with a total of $3.4 billion in the last 24 hours based on data from CoinGecko.

This surge in memecoin activity is largely fueled by the emergence of new PolitiFi memecoins related to the US presidential election, as well as the introduction of several new celebrity tokens on the Ethereum and Solana blockchains.