The NFT market is experiencing challenging times: by the end of the first quarter, the trading volume was $4.14 billion, but by the second quarter, it had fallen to $2.32 billion.
The trading volume decreased by 44%.
Analysts at Apollo Crypto believe that the decline in Bitcoin and altcoins significantly impacted the NFT market, which became the main reason for such a sharp drop in trading volumes.
Investors are gradually shifting their focus to trading meme coins, whose turnover increased in the second quarter. In the past 24 hours alone, the trading volume of meme coins reached $3.4 billion.
Tokens associated with the names of US politicians and showbiz figures are the best sellers.
The most interest from investors has been in tokens on Ethereum and Solana, which showed the highest turnovers.
The largest NFTs remain CryptoPunks and Bored Ape Yacht Club, with capitalizations of $994.9 million and $345.9 million, respectively.
