Non-fungible token (NFT) global sales endured a massive volume slump in July 2022. That was primarily because of declined investor interest in collectibles. However, a new battleground or course could be brewing for fans to consider.
The Winter
As highlighted above, NFT sales slumped massively in 2022. Nonfungible.com shows the volume declined to only 13,506 transactions, with a trivial $4M in total sales. Daily sales peaked at around 210,000 on August 27, while 24hr sales mimicked that on August 29, exploring territories of $430 million. One might compare the situation when contemplating the mentioned slump.
Meanwhile, renowned sports firm Nike recorded swift upsurges regardless of the NFT Winter. Non-fungible token projects earned the company revenue worth more than $185 million. That’s according to Noah Lavine’s August 22 reports. Meanwhile, Lavine used Dune Analytics data. Meanwhile, the renowned NFT network saw its overall transaction exceeding 67K, far higher than the next project on the list.
Nevertheless, other fashion and athletics firms dominated the list’s top five. They included Dolce and Gabbana, Gucci, and Tiffany, boasting revenue of $25M, $11M, and $12M, respectively. Also, Adidas joined the leaders with $10M in overall revenue, but not the 2nd highest transaction count at above 51,000.
Trip to Remember
Nike acquired the RTFKT brand in January 2022. Pronounced ‘artifact,’ RTFKT is recognized for designing customized sneakers for gaming fans. The virtual sneakers launched in Nikeland, a 3D free space that the firm formed within the gaming platform Roblox. The sales stats have seen an impressive rise since then. Nevertheless, Nike NFT saw prices peaking in Feb and April 2022.
The crypto market remains restricted amidst the current crypto winter. Digital tokens have failed to trigger steady uptrends despite multiple attempts. While publishing this content, the global cryptocurrency market stood at $1.03 and is susceptible to declines in the coming days.
Moreover, BTC could not overcome $25K after an impressive upswing toward the resistance. While writing these lines, Bitcoin traded at $21,298. Upcoming trends remain unclear, but bears appear ready to suppress upsides. Time will unveil everything. Stay tuned.
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