Memecoins Surge as NFT Sales Plummet in Q2
![Memecoins Surge as NFT Sales Plummet in Q2](https://coinspress.com/wp-content/uploads/2023/01/nft3-1-915x600.webp)
The decline in NFT sales during Q2 can be attributed to the rise of memecoins and a general downturn in the crypto market
Data from CryptoSlam highlights that NFT sales plummeted from $4.14 billion in Q1 to $2.32 billion in Q2.
Henrik Andersson of Apollo Crypto explained that the market faced a challenging quarter, with Bitcoin dropping 15% and many altcoins performing worse.
He also mentioned that the growing popularity of memecoins, which saw $3.4 billion in trading volume over the past 24 hours, is drawing attention away from NFTs.
This trend is fueled by political and celebrity-themed memecoins linked to the U.S. presidential election, as well as new tokens on Ethereum and Solana. Notable mentions include MAGA (TRUMP) and Pepe, which gained traction in Q2.
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Additionally, Bitcoin-based Ordinals could further shift focus away from traditional NFTs. Andersson noted that Ordinals might continue to gain market share in the NFT space, especially with the advent of Bitcoin Layer 2 solutions. However, activity on Ordinals and Runes networks has recently declined.