In June, the problems at crypto hedge funds and lenders got most of the attention, but the non-fungible token (NFT) market also took a hit, with monthly sales falling below $1 billion for the first time in a year, according to CryptoSlam, a company that collects NFT data.
The falling prices of cryptocurrencies are partly to blame for the low sales of NFTs, but the number of unique monthly buyers also dropped by almost 50 percent in June. In January, there were more than 1 million unique monthly buyers, but now there are less than 600,000 for the first time since July 2021.
