NFT sales dropped 44% in Q2, potentially due to the rise of celebrity, political, and animal-themed memecoins and a broader crypto market downturn.
According to Apollo Crypto’s investment chief, the sale of non-fungible tokens (NFTs) in Q2 may have experienced a 44% decline due to a recent surge in celebrity, political, and animal-themed memecoins, as well as a crypto market downturn.
According to CryptoSlam’s data, the sale of NFTs decreased from $4.14 billion in Q1 to $2.32 billion in Q2 as a result of a broad market decline.
“Q2 was a challenging market, with Bitcoin experiencing a 15% decline and numerous altcoins performing significantly worse,” stated Henrik Andersson, Apollo Crypto’s chief investment officer, in an interview with Cointelegraph.
“However, meme coins are also likely to be stealing a portion of the mind share from NFTs,” Andersson continued.
A marketing term that denotes the degree of consumer awareness or popularity associated with a specific product or concept is “mind share.”
Despite the slowdown in the sales of NFTs, Memecoins continue to experience substantial trading volumes, with $3.4 billion in the last 24 hours alone, according to CoinGecko data.
A significant portion of this has been precipitated by the emergence of PolitiFi memecoins that are associated with the United States presidential election. Additionally, several new celebrity tokens have been introduced on Ethereum and Solana.
In the second quarter, the prices of memecoins such as MAGA (TRUMP) and Pepe (PEPE) increased.
In the months ahead, Andersson also observed that developments in Bitcoin-based Ordinals may divert attention from traditional NFTs.
