Bloomberg: The NFT market has declined for the fifth consecutive quarter, with a significant shrinkage in volume.

BlockBeats reported on July 9 that, according to Bloomberg, the NFT sector, once a popular area for cryptocurrency traders and enthusiasts, seems to be far from its former glory. This once-booming field has seen its trading volume decline for five consecutive quarters. According to data compiled by DappRadar, the total trading volume of NFTs in the second quarter fell to $823 million, down from $4 billion in the same period last year. Although the total NFT trading volume in 2024 has decreased by 19%, marking the worst year in the sector’s history, this year’s data suggests that the market downturn has not yet reached its bottom. These numbers also reflect that digital assets represented by collectible cartoon avatars and viral memes are gradually losing their previous appeal.