NFT market declines for fifth consecutive quarter, with trading volume shrinking significantly

 according to Bloomberg, NFTs, which were once a hot area for cryptocurrency traders and enthusiasts, now seem to be not as popular as before. This once booming track has seen 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. Despite a 19% decline in NFT trading volume in 2024, marking the worst year in the history of the field, this year's data indicates that the market slump has not yet bottomed out.

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