Several PolitiFi and animal-themed memecoins continued to soar in the second quarter despite the broader market downfall, which NFTs were a part of.
A recent flood of celebrity, political, and animal-themed memecoins, along with a crypto market downturn, may have contributed to a 44% fall in the sale of non-fungible tokens (NFTs) in Q2, according Apollo Crypto’s investment chief.
Data from CryptoSlam shows NFT sales fell from $4.14 billion in Q1 to $2.32 billion in Q2 as part of a broader market downfall.
“Q2 was a difficult market with Bitcoin declining by 15% and many altcoins performed significantly worse than that,” Henrik Andersson, chief investment officer at Apollo Crypto, told Cointelegraph.