Bloomberg: The NFT market has declined for the fifth consecutive quarter, with a significant shrinkage in trading volume

ChainCatcher news, according to Bloomberg, the NFT market, once a popular area for cryptocurrency traders and enthusiasts, now seems to be far from its peak. This once-booming sector has seen its trading volume decline for five consecutive quarters.

According to data compiled by DappRadar, the total trading volume of NFTs in the second quarter dropped to $823 million, compared to $4 billion in the same period last year. Although the total NFT trading volume in 2024 has decreased by 19%, marking the worst year in the field's history, this year's data indicates that the market slump has not yet hit bottom.

These figures also reflect that digital assets represented by collectible cartoon avatars and viral memes are gradually losing their former appeal.