CandleFocus

According to CoinGecko, the NFT market is still in a bear phase

Author: Content Editor
The NFT market is currently experiencing a bear market, according to a report from CoinGecko. Trading volumes and loan volumes have significantly decreased in the third quarter of 2024. The market has not been able to recover despite technological advancements. Users are opting for more easily liquidated assets with higher yield opportunities. Bitcoin's dominance in the crypto sector has also contributed to the NFT market's decline. The value of major NFT collections has dropped, with some experiencing drastic losses. However, there have been small signs of recovery recently, with the market cap of NFTs increasing slightly. Sales volumes have also seen a decline, reflecting low market interest. The NFT market has been in a downturn since December 2023, with losses reaching 95% compared to the all-time high in January 2022. The market will need to see consecutive months of sales volumes exceeding one billion dollars for a potential recovery. Until then, the NFT sector is expected to underperform compared to other crypto tokens, including Bitcoin.

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