<p><span style="font-weight: 400;">Trading volume on non-fungible token (NFT) marketplaces have fallen from $16.6 billion in January to over $1 billion in June of this year.</span></p> <p><span style="font-weight: 400;">As The Block’s data shows, this is a decrease of 94%, demonstrating just how striking the crypto bear market affects NFT sales. </span></p> <p><iframe frameborder="0" height="420" src="https://embed.theblockcrypto.com/data/nft-non-fungible-tokens/marketplaces/nft-marketplace-monthly-volume/embed" title="NFT Marketplace Monthly Volume" width="100%"></iframe></p> <p><span style="font-weight: 400;">It should be noted that much of NFT trading volume at the beginning of the year was likely due to wash trading on the NFT marketplace </span><a href="https://www.theblock.co/linked/132323/monthly-nft-trading-volume-high-6-billion-january"><span style="font-weight: 400;">LooksRare</span></a><span style="font-weight: 400;">. Wash trading is when users trade tokens among themselves to fraudulently drive up prices. </span></p> <p><span style="font-weight: 400;">NFTs were thought to be </span><a href="https://www.theblock.co/post/129812/macro-driven-crypto-plunge-spares-nft-floor-prices"><span style="font-weight: 400;">insulated</span></a><span style="font-weight: 400;"> from crypto market conditions six months ago. Some tokens, such as the popular Bored Ape Yacht Club, afford users access to exclusive communities and events that maintain value even when the market is down. </span></p> <p><span style="font-weight: 400;">But as The Block previously reported, NFT floor prices have declined in recent months — with top projects such as BAYC, Doodles and Cool Cats have fallen around </span><a href="https://www.theblock.co/post/151754/nft-floor-prices-are-falling-along-with-the-broader-crypto-market"><span style="font-weight: 400;">30%</span></a><span style="font-weight: 400;">. </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>