DIKSIA.COM - Sales of Non-Fungible Tokens (NFT) in global market trading were observed to fall to $148.55 million in the second week of July 2023, down around 4.33 percent compared to the previous week.
NFT sales in the global market plummeted after being impacted by shrinking trading volumes for a number of well-known NFT tokens, such as bitcoin-based NFTs, which were reportedly down 17.44 percent to $25.92 million.
Solana-allied NFT token also saw a similar decline, correcting 17.46 percent to $8.2 million.
While NFT Polygon saw a 17.46 percent correction and only raked in sales of $5.9 million, according to News Bitcoin.
The decline in NFT trading this week was due to positive crypto investor sentiment after the Securities and Exchange Commission (SEC) filed lawsuits against a number of crypto trading exchanges.
One of them is Binance, which has been accused of illegal transactions. Additionally, citing Reuters, Binance has also been accused of violating the U.S. Securities Acts of 1933 and the Exchange Act of 1934 by selling unlisted securities investments.
Unfortunately, while the SEC's tightening was aimed at preventing the emergence of rogue exchanges that could result in losses for investors, the move has undermined NFT investors confidence and prompted them to exit the digital asset market. Until the sale of NFTs in retail fell to its lowest point this week.
It's not certain how much longer NFT investors will remain in wait-and-see mode. However, based on historical market data, the global NFT sales volume is forecast to decrease over the next few weeks as Bitcoin CS selling price decreases in the crypto market.
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The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. Cryptocurrency investments are subject to market risks, and readers should exercise caution and do their due diligence.
