Nightmare for NFTs: – 75% of the transaction volume as of June 2022

Is this the beginning of the end of NFTs? – For several months, the course of cryptocurrencies has a lot fall. At the same time, enthusiasm within the community also waned. Indeed, the euphoria gave way to despair. Not surprisingly, the NFT are also affected by this phenomenon, so much so that i trading volumes of these were divided by 4.

NFT prices falling

The non-fungible tokens (NFT) has met with unprecedented enthusiasm since August 2021. Indeed, during this time, several collections of NFT However, released months or even years ago, their prices have exploded. This is particularly the case with CryptoPunk released in 2017 and remained in the shadows until 2021.

The NFT ecosystem has registered a peak of enthusiasm in January 2022 recording a record volume of $ 16 billion. However, since this peak in January, the volume recorded by the ecosystem of NFT on Ethereum keep on Autumn.

So much so that between the months of May and June 2022, the trading volume of NFT was reduced by 75%, passing by $ 4 to $ 1 billion.

Evolution of NFT trade volume on major crypto platforms – Source: The Block

This is the greater decline monthly volume for the NFT ecosystem. Until now the record was held by a 48% drop volume between February and March 2022.

The Ethereum blockchain: the eternal queen of NFTs

Obviously, theinfatuation encountered around NFTs is not not limited to the blockchain Ethereum. As evidence, most smart contracts and other EVM-compatible blockchains have also seen the proliferation of NFT projects.

However, Ethereum has been able to maintain its advantage over other blockchains by far. By comparison, Solana, which is the second blockchain in terms of trading volume on NFT, records on average one-tenth of the volume of Ethereum.

Ethereum has maintained its lead over other blockchains by far.  For comparison, Solana, which is the second blockchain in terms of trading volume on NFT, records on average one-tenth of the volume of Ethereum.
Evolution of NFT trade volume for blockchain – Source: The Block

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NFT volume down, but not among hackers

Despite a significant drop in NFT trading volume, they are still popular with hackers. To be sure, in the past few months we have witnessed resurgence of scamsin particular in relation to NFTs.

In the beginning, many NFT artists have been targeted by such attacks Trojan horse. Specifically, an attacker contacts the artist claiming an artistic order. Once in contact, the attacker sends a fake PDF file to the artist, which is actually a script file. If he opens it, he will compromise his computer, giving free rein to the attacker.

Second, more than one hundred NFT projects seen their Compromised Discord servers. In this case, the attacker takes control of the Discord and takes advantage of it to post a message like this phishing. Its goal is to steal the NFTs held by the aforementioned Discord server community.

Meanwhile, NFT projects continue to develop their products. Recently, the giant Yuga Labs hosted in demo of his metaverse Otherside. In total, more than 4,300 users were able to preview part of the metaverse of the world of Bored monkeys.

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