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Author: Brayden Lindrea, Cointelegraph; Compilation: White Water, Bit Chain Vision Realm
The investment director of Apollo Crypto said,Recently, a large number of celebrities, political and animal -themed MEMECOIN, and the downturn in the cryptocurrency market may lead to 44%decreased by 44%of sales of tokens (NFT) in the second quarter.
Cryptoslam data shows that due to the overall decline in the market,NFT sales fell from US $ 4.14 billion in the first quarter to US $ 2.32 billion in the second quarter.
Henrik Andersson, chief investment officer of Apollo Crypto, pointed out: “The second quarter was a difficult market, and Bitcoin fell 15%, and many cong coins were significantly worse.”
NFT monthly transaction volume since June 2017.Source: Cryptoslam
Andersson added that “[but] Modelcoat may also take part of the attention of NFT.”
The ideological share is a marketing term, which refers to consumers’ awareness or popularity of specific products or ideas.
Coingecko data shows,Despite the slowdown of NFT sales, Memecoin’s transaction volume is still hugeIn the past 24 hours, the transaction volume has reached 3.4 billion US dollars.
This is largely caused by the growth of the Politifi Memecoin related to the Presidential election of the US presidential election. At the same time, some new celebrity tokens appeared on Ethereum and Solana.
MAGA and PEPE are the factors for rising prices in the second quarter.
Ordinals inscription occupies more market share
Andersson pointed out that the development of Bitcoin -based on Bitcoin may also be able to transfer people’s attention from the traditional NFT in the next few months.
“In the long run, we believe that Bitcoin Ordinals will continue to occupy the market share in the NFT field, especially considering that many Bitcoin L2 is about to enter the market.”
However, the online activities of Ordinals and Rune have also declined in recent weeks.
Runes transaction volume decreased by 88%compared with the highest point in June, while the Ordinals inscriptions and Runes contributed less than 2 Bitcoin (BTC) per day in the miners’ fees last week.
NFT has rebounded before
The NFT rolled slightly in the last quarter of 2023, with sales of more than $ 3 billion, which may bring hope for the NFT recovery in the second half of 2024.
The monthly sales in December 2023 were $ 1.77 billion, which was the largest month since the summer of NFT began in June 2022.
COINGECKO data shows that the market value of Cryptopunks and Bored Ape Yacht Clubs is still US $ 994.9 million and US $ 345.9 million, respectively.
The largest NFT project is calculated based on market value.Source: Coingecko
In contrast, the market value of Nodemonkes and Bitcoin Puppets of the two largest Ordinals projects was US $ 121.1 billion and $ 94.2 million, respectively.
