What will it take to revive the NFT market? – MovieUpdates

With July now behind us we have a full month of trading data from the NFT market to digest. The numbers are mixed. While there are some positive signs from the non-fungible token market that matter, others are decidedly negative. Trading continues, but at what appears to be a much slower pace.

For companies in the NFT space, the news is likely unwelcome. The larger blockchain world is in a period of correction, but seeing key NFT market metrics fall as fast as we have left us wondering what could be fueling demand again. It seemed doubtful that the period of hype that gave us endless Bored Ape derivatives would last forever. But what now?

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Let’s take a look at the July data and then dive into what could bring NFTs back to the forefront. After all, NFT trading has risen a few times during the first decade plus of the blockchain era – as it is – so surely it can rise again?

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For starters, we’ll check in on the market-leading OpenSea, then we’ll add other NFT marketplaces to get a good vibe for the non-fungible token market. Then we’ll theorize some ideas that can make NFTs less uncool again. To work!

A lazy July

The general direction of NFT trading volume has been negative for some time, as the following chart from The Block and CryptoSlam makes clear:

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