According to CryptoSlam data, the trading volume of non-tradable tokens (NFT) on the secondary market in July decreased by 26% compared to the previous month to $647.2 million.

According to the service, the number of unique buyers has been falling for the third consecutive month. This figure, which was 694,850 in May, decreased to 574,133 in June and 532,378 in July.

Influxo NFT studio co-founder Anndy Lian pointed to the ongoing bearish trend in a Forkast comment. Yehuda Petsher, CryptoSlam’s non-tradable token strategist, was skeptical that the market would “find a bottom this year.”

“I believe this downward cycle we are in could last for several years,” the expert admitted.

Petscher added that the number of unique buyers inspired some optimism. According to him, the figure decreased by about 7% in July and is higher than the previous year (432,317).

“NFTs are in trouble right now, but still [сектор] very good for growth [или] transactions,” said Petsher.

In July, the best seller was the Bored Ape Yacht Club collection with $51.4 million, followed by CryptoPunks with $50.7 million.

According to Lian, the transition to the Proof-of-Stake consensus algorithm could give impetus to the NFT market. Earlier, developers tentatively approved the blockchain transition for September 19, 2022.

The Goerli testnet will switch to the new consensus algorithm when the cumulative network difficulty reaches 10,790,000. According to experts, this will happen between August 6 and 12.

In August, jewelry brand Tiffany & Co. Introduced a series of necklaces based on CryptoPunks.

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