elliptic nfts july 8m nftshowcroftreuters The NFT market, once a thriving domain, has encountered a significant setback but hasn't been completely snuffed out. Last year, the market witnessed a dazzling surge as cryptocurrency enthusiasts poured billions into these speculative and risky assets, driving prices and profits to unprecedented heights. However, as we hit the midpoint of 2022, the outlook has become less optimistic.\r\n\r\nREAD: Elliptic nfts 100m july 300k 8m\r\nelliptic nfts july 8m nftshowcroftreuters\r\nIn June, the monthly sales volume on the largest NFT marketplace, OpenSea, plummeted to $700 million, marking a sharp decline from the $2.6 billion in May and a significant departure from the peak in January when sales nearly reached $5 billion.\r\nelliptic renbridge 53m sigaloscnbc\r\nTowards the end of June, the average NFT sale price dropped to $412, down from $1,754 at the end of April, according to NonFungible.com, a monitoring entity for NFT sales on the Ethereum and Ronin blockchains.\r\nelliptic renbridge 540m conti 53m sigaloscnbc\r\nGauthier Zuppinger, co-founder of NonFungible.com, commented on the situation, stating, "The crypto bear market has definitely had an impact on the NFT space." He added, "We have seen so much speculation, so much hype around this kind of asset. Now we see some sort of decrease just because people realize they will not become a millionaire in two days."\r\nelliptic nfts july 300k nftshowcroftreuters\r\nThe decline in the NFT market has mirrored the downtrend in the cryptocurrency market, which often facilitates transactions involving NFT assets. This downturn aligns with central banks raising interest rates to combat inflation, leading to a decrease in risk appetite.\r\nelliptic renbridge 540m 53m sigaloscnbc\r\nBitcoin, one of the most well-known cryptocurrencies, has witnessed a decline of approximately 57% in the first half of this year. Similarly, ether, another prominent cryptocurrency, has experienced a substantial drop of 71%.