NFT market is headed for the abyss

In a recent post, we forecasted that the NFT market would soon start dumping following the DeFi crash. Pictures are just that — pictures, and the deleverage wave makes real money far more valuable than JPEGs. It's one thing to keep holding Bitcoin, which is now 3.5 times cheaper than at the ATH, but holding ape pictures in this situation is far riskier.

According to a new report by Bloomberg, NFT sales in June were below $1 billion for the first time since June 2021. It's even more telling that the trading volume on OpenSea was just $670 million, or 4 times less than the month before. As recently as 6 months ago, $4-5 billion worth of NFTs traded hands every month.

But that's not all. The NFT industry is suffering from loads of scams and rug pulls. Just remember the story of how Beeple's Twitter account was hacked and scammed his followers for $440k; while the popular actor Seth Greene lost NFTs worth $300k after clicking on a phishing link.

What's next? The NFT market won't die — and neither will crypto as a whole. But as financial regulators keep tightening their monetary policies, NFT trading volumes can fall further. The floor prices for individual collections will simply collapse — and we'll finally witness the first 'NFT winter'.

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