NFT Market Sees Offerings with Actual Utility Despite Slow Activity and Declining Sales

This week in the world of non-fungible tokens (NFTs) has seen a range of offerings highlighting the expanding industry, despite a sluggish market and declining sales. Practical NFT applications have emerged, such as gaming NFT cards from Gods Unchained and fantasy sports NFTs from Sorare.

The NFT market spans multiple blockchains, including Ethereum, Binance, and Mythos Chain, with a large base of collectors outside of Ethereum. Although sales for July reached the lowest point since June 2021, Ethereum's NFT sales have risen by 18% to reach $9 million.

Noteworthy events include CryptoDickButts turning over control to the biggest holder of their new series of four NFTs, MemeWhales doing $1.1m in trading volume, and the Palm blockchain and its big brand NFTs joining Polygon's new 2.0 ecosystem.

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