NFT Token Sales Drop. Sales of Non-Fungible Tokens (NFT) in global market trading during the second week in July 2023 were observed to have fallen to US$148.55 million, or a decrease of around 4.33 percent when compared to the previous week.
Global market NFT sales plummeted after being affected by the shrinking trading volume of a number of well-known NFT tokens, such as bitcoin-based NFTs which reportedly fell 17.44 percent to US$25.92 million.
A similar decline was also experienced by the Solana affiliated NFT token which corrected 17.46 percent to US$8.2 million. While NFT Polygon recorded a correction of 17.46 percent and was only able to collect sales of US$5.9 million.
The decline in NFT trading this week occurred due to the hot sentiment of crypto investors after the Securities and Exchange Commission (SEC) filed a lawsuit against a number of crypto trading exchanges.
One of them is Binance, which has been accused of operating illegal transactions. Not only that, quoting from Reuters, Binance was also accused of violating the US securities laws of 1933 and the Exchange Act of 1934 by selling unlisted securities assets.
Although the SEC’s tightening was aimed at preventing the emergence of rogue exchanges that could trigger investors’ losses, this move has sadly eroded the confidence of NFT investors and prompted them to leave the digital asset market. Until the sale of NFT in trading this week fell to its lowest level.
NFT Token Sales Drop. It is not certain how long NFT investors will continue to experience the wait and see mode. However, based on historical market data, global NFT sales volumes are projected to diminish over the next few weeks, as the Bitcoin CS selling price declines in the crypto market.