NFT Market Falls Fifth-Straight Quarter, Trading Volumes Plummet

Nonfungible tokens, once a burgeoning scene for crypto traders and enthusiasts, seem to have lost much of their allure as trading volumes in the once-hot sector have now declined for the fifth straight quarter.

Trading in the digital assets — best known for their collectible cartoon avatars and viral memes — declined to $823 million in the second quarter, down from $4 billion during the prior-year period, according to data compiled by DappRadar. A 19% decrease in total trading volume made 2024 the worst year ever for NFT traders, but this year’s data suggest the downturn is far from over.