The NFT sector is struggling to get back on its feet amid cryptocurrency sell-off
, the leading NFT marketplace, has seen declining volumes for five months in a row. It saw its trading volume decline more than 90% since January, suffering from waning interest. In July, the company was forced to lay off a fifth of its staff.
Still, there are market participants who are willing to pay top dollar for exclusive collectibles. Last week, the CryptoPunks collection saw its fourth biggest sale in spite of the market correction, with Punk #2924 fetching an impressive $4.5 million worth of Ether. It is not known who shelled out such a huge amount of money amid the bear market for a pixel image from the CryptoPunk collection.
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