NFT trading volumes peaked in Q2 2022, but as time went on, new entrants began to taper off. He suggested that NFTs need to figure out new use cases beyond their original JPEG iteration.from analytics firm DappRadar that sales of NFTs dropped by nearly half from January to July.
In addition, the floor prices of blue chip collections like Bored Ape Yacht Club and Azuki sunk to two-year lows, indicating waning interest among traders to pay top dollar for the collections.Polygon NFTs are still crushing and dominated a decent share of all trades in July. Meanwhile, Web3 developers are unperturbed by the gloomy numbers and continue to deploy millions of smart contracts across EVM-compatible chains, pointing to steady interest in decentralized apps and broader Web3 use cases.