According to Apollo Crypto, NFT sales fell 44% in the second quarter, possibly due to a surge in meme coins associated with celebrities, politics and animals, as well as a slowdown in the crypto market. 📉

- NFT sales fell from $4.14 billion in the first quarter to $2.32 billion in the second quarter.

“Meme coins are likely a distraction from NFTs,” said Apollo Crypto chief investment officer Henrik Andersson.

- However, meme coin trading volume continues to be huge, reaching $3.4 billion in the last 24 hours.

- Developments based on Bitcoin Ordinals may also draw attention away from traditional NFTs in the coming months.

Despite the downturn, NFTs have previously recovered their position, which could give hope for an NFT comeback in the second half of 2024.