NFT sales plunged to a 12-month low in June VGC Open main menu Lengthy FIFA players MultiVersus characters Disney Dreamlight recipe list First for Video Game News Follow VGC NFT sales plunged to a 12-month low in JuneMonthly sales totalled just over $1 billion, down from $12.6 billion in January Video Game News 4th Jul 2022 / 3:52 pm Posted by Tom IvanSales of nonfungible tokens (NFTs) fell to a 12-month low in June amid a broader slowdown in the cryptocurrency market. According to crypto research firm Chainalysis (via The Guardian), sales of NFTs reached just over $1 billion (£830 million) in June. It marks the worst month for NFT sales since June 2021 ($648m) and follows a peak of $12.6 billion recorded in January. Ubisoft Quartz - announce trailerSubscribe to VGC on YouTube NFTs are unique non-interchangeable units of data stored on a decentralised ledger called a blockchain, which allow users to buy and sell digital goods such as in-game items or artwork. Chainalysis economist Ethan McMahon said the slowdown in NFT sales was linked to a decline in the wider cryptocurrency market, which has fallen in worth from about $3 trillion in November 2021 to under $1 trillion. “This decline is definitely linked to the broader slowdown in crypto markets,” he said. “Times like this inevitably lead to consolidation within the affected markets, and for NFTs we will likely see a pullback in terms of the collections and types of NFTs that reach prominence.” An NFT of the first tweet from Twitter co-founder Jack Dorsey, which was purchased in March 2021 for $2.9 million by Sina Estavi, the CEO of Malaysia-based blockchain company Bridge Oracle, was put up for auction earlier this year and didn’t receive any bids above $14,000. Earlier today Web 3 company Polium announced the first NFT games console. It claims its ‘Polium One’ system will be “the world’s first multi-chain gaming console” that will be capable of running games built on different blockchains. “The console will be powerful enough to run high-performance games and will be easy to use for a traditional gamer who doesn’t understand Web 3,” it said. Ahead of its planned launch in Q3 2024, the console will only be available to pre-order if players buy a ‘Polium Pass’, an NFT on the Ethereum network of which 10,000 will be minted. Related 18 The first ‘ NFT games console’ has been announcedThe Polium One will allegedly be released in 2024, but its reveal has been met with some criticismEarlier this month Sony Interactive Entertainment veterans Michael Mumbauer and John Garvin announced the formation of a new gaming and entertainment studio called Liithos, which is working on an NFT game called Ashfall. The title, which will see players fighting to survive in a world scarred by global warming, is the brainchild of Garvin, the former creative director and writer at Days Gone developer Bend Studio. It is described as “the first true Web 3.0 AAA title for PC, console, and the Hedera network”, which uses a “native, energy-efficient cryptocurrency” called HBAR. Post a comment Related VGC Content Sega has announced its first blockchain game1 week ago Xbox boss Phil Spencer is ‘ cautious’ about play-to-earn crypto games1 month ago Everywhere studio Build a Rocket Boy not dismissing new tech’ like blockchain1 month ago Square Enix is selling a Final Fantasy figure that comes with an NFT2 months ago Popular Now on VGC1 Harley Quinn voice actor criticises Chris Pratt Mario casting ‘ It should be Charles’ 2 Interview How PlatinumGames is betting on Nintendo expertise to shape its future3 Modern Warfare 2 will seemingly require a phone number like Overwatch 24 Phil Spencer could be teasing Xbox s game streaming device in a new office photo5 Platinum thinks hiring of Nintendo veteran can take the companies relationship to the next level More Video Game News Netflix has released the opening credits sequence for Cyberpunk EdgerunnersThe show will premiere on the streaming service in September3 months ago US PlayStation shipments were reportedly up 400% last monthPS5 supply appears to be increasing as Christmas approaches58 minutes ago Overwatch 2 servers down for some as Blizzard removes two heroes temporarilyThe game's rocky launch has caused much fan frustration1 hour ago18 The first ‘ NFT games console’ has been announcedThe Polium One will allegedly be released in 2024, but its reveal has been met with some criticism3 months ago18 CommentsBy commenting on this article you agree to adhere to VGC’s community guidelines. Notice: To display comments please allow the use of Functional Cookies in Cookie Preferences.