The Non-Fungible Tokens (NFT) industry has been a hub of innovation and growth over the past year, but as it approaches the midway point of 2023, the market is showing signs of maturation and change. According to a recent report by DappRadar, NFT sales could fall below $1 billion for the first time this year.
NFT Market Facing Headwinds
According to the report, the NFT market shows signs of a potential shift in May 2023, with the trading volume reaching $333 million from $2.3 million in sales, a trend that may result in the first month of this year with a trading volume under $1 billion.
Despite this decline in sales, the NFT industry is still showing strong activity and engagement, with daily unique active wallets (dUAW) linked to NFT activities reaching 173,000, marking a 27% increase from the previous month.
However, the NFT market is facing significant challenges, with many traders selling their large NFT holdings at a loss to participate in the Memecoin frenzy, according to DappRa
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