NFT Market Experiences a Major Plunge Despite New Utility

Despite an initial surge in hype and speculative buying, the NFT market is transitioning from a frenzy of collectibles to one driven by real-world applications. This week saw a significant dip in global NFT trading volume, dropping 20% compared to the previous week. While some collections still hold appeal, others have experienced a more drastic decline. CryptoSlam data reveals that total sales volume for the week ending June 1st totaled $102 million. This represents a notable shift from the market’s previous trajectory.