After wowing the entire crypto community for the major part of 2021, the non-fungible token (NFT) market has been in a slump since the start of 2022, as the valuations for even the most popular NFT projects plummeted drastically from the previous year’s highs.
The average price of an NFT sale has fallen from $3,894 in May 2022 to $293 in July 2022, a drop of 92% in a span of just two months.
