MAGA

Impact

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/memecoins-impact-nft-sales" data-wpel-link="internal" rel="noopener noreferrer nofollow">Memecoins Impact NFT Sales</a><br></p>
<p style="text-align: justify">Apollo Crypto’s <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investment</a> chief attributes a 44% decline in NFT sales in the second quarter to the rising <a href="https://en.bitcoinhaber.net/analyst-predicts-trump-coin-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a> hype and overall market downturn. According to CryptoSlam data, NFT sales dropped from $4.14 billion in the first quarter to $2.32 billion in the second quarter, reflecting a broader market decline.</p>
<h2 id="what-are-the-current-market-trends">What Are the Current Market Trends?</h2>
<p style="text-align: justify">Henrik Andersson, Apollo Crypto’s chief investment officer, explained that the second quarter has been challenging, with Bitcoin falling by 15% and many altcoins performing poorly. Despite the slowdown in NFT sales, memecoins like MAGA (TRUMP) and Pepe have seen significant trading volumes, particularly due to the rise of PolitiFi memecoins related to the U.S. presidential elections.</p>
<h2 id="which-factors-are-affecting-nfts">Which Factors Are Affecting NFTs?</h2>
<p style="text-align: justify">Andersson also highlighted that Bitcoin-based Ordinals developments might shift focus from traditional NFTs in the coming months. Although network activity on Ordinals and Runs has declined recently, Andersson believes Bitcoin ordinals will gain market share in the NFT space over time.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<ul>
 <li>NFT sales saw a minor resurgence in late 2023, with December sales reaching $1.77 billion.</li>
 <li>Top NFT collections like CryptoPunks and Bored Ape Yacht Clubs maintain large market values.</li>
 <li>The two largest Ordinals projects have considerably lower market values than the top NFT collections.</li>
</ul>
<p style="text-align: justify">In recent weeks, transactions on Ordinals and Runs have fallen by 88% from their peak in June, contributing only minimally to miner fees. Despite this, NFTs experienced a mild comeback in Q4 2023, with hopes of a revival in the second half of 2024. December 2023 saw the highest monthly sales figures since the decline began in June 2022.</p>
<p style="text-align: justify">CoinGecko <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> that while top NFT collections retain significant market value, the largest Ordinals projects lag behind. This indicates a potential for growth in the Ordinals market, but traditional NFTs still hold a strong position.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/memecoins-impact-nft-sales" data-wpel-link="internal" rel="noopener noreferrer nofollow">Memecoins Impact NFT Sales</a></h5>

Memecoins Impact NFT Sales

Съдържание

BH NEWS

Други статии, публикувани на 1.07.2024 г.

Hamster Kombat Reaches 150 Million Users Faster Than Ever: Report

Why Furrever Token Is the Best Choice Among Meme Coins: A Look at Bonk, Dogwifhat, and Dogecoin

Tether & Uquid Team Up to Modernize Philippine Social Security Payments

Binance-backed CoralApp launches new gadget for web3 users with passive income opportunities

3 Cryptos That Can Make Or Break Your Portfolio: MANTA, STRK, ZK

Crypto & Bitcoin Gambling Platforms 2024

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!