The global non-fungible token (NFT) industry recorded a 25 per cent drop in terms of buyers, volume of sales and volume of US dollars traded in the second quarter of this year amid bearish trends in the wider stock and cryptocurrency markets, according to a new report.
The industry recorded about $8 billion in the purchase and resale of NFTs globally from April to the end of June compared with $10.7bn at the end of the first quarter, according to NonFungible.com, an NFT market analysis platform that tracks the Ethereum blockchain.
“The market is experiencing a historical bearish period,” the company said in a statement on Tuesday.
“Liquidity is down and prices are very largely affected by the fall in value of cryptocurrencies. For the first time in the history of NFTs, trading-related activities are no longer profitable.”
NFTs are digital avatars of artworks and collectibles. They can take the form of digital work, virtual lands, a domain name or even weapons in a video game.
Ownership of these digital assets is recorded on a blockchain, or digital ledger. But, unlike currencies, in which every token is of equal value and can be swapped for any other, NFTs have unique qualities that stop them from being interchangeable or fungible.
In 2021, an NFT of Twitter co-founder and former chief executive Jack Dorsey’s first tweet sold for about $3 million, while Mike Winkelmann, the digital artist who goes by the name Beeple, made headlines in March last year when he sold an NFT for $69m.
NFT sales volume totalled $24.9bn in 2021, up from $94.9m the year before, according to DappRadar, which collects data from 10 blockchains.
Collectible NFTs were the most profitable category, followed by metaverse and utilities, NonFungible.com said.
The volume of internet searches around NFTs has dropped “very significantly” since its peak in January 2022 because of the cryptocurrency bear market, the NonFungible.com report said.
However, interest has dropped back to the level of September 2021, “which was considered the golden age of NFTs at the time”, it said.
Countries in South-East Asia showed the highest search volume of NFT-related queries, according to the report.
“Geopolitical concerns around the conflict in Ukraine have taken precedence over interest in NFTs in Europe. The countries of South-East Asia, being less directly affected by the conflict, are still of major interest for the subject,” it said.
The average price of NFTs dropped 6 per cent in the second quarter to $798 from $849 in the first quarter, the report found.
The decline in the value of cryptocurrencies, more specifically Ether, had a direct effect on the average price of NFTs, NonFungible.com said.
Between the end of April and the end of June, Ether fell about 66 per cent, which was reflected in a drop of almost 75 per cent in the value of NFTs, it said.
The beginning of the NFT craze — in pictures
Meanwhile, profit at resale for NFTs decreased by 46 per cent in the second quarter, according to the report.
“This trend is mainly explained by the resale of collectibles at a loss [this nearly represents a $100m loss per week at its lowest]. The other segments are experiencing better results with a loss in resale volume of around only $10m per week at the end of the quarter,” NonFungible.com said.
The industry was polarised around one NFT project publisher, Yuga Labs, in the second quarter, the report said.
More than 30 per cent of the global sales volume was distributed among projects that were launched or acquired by Yuga Labs, such as OtherSide, Bored Ape Yacht Club, Meebits and CryptoPunks, it added. The four projects accounted for more than $2.5bn in the second quarter.
The NFT market recorded only 4 per cent growth in global supply amid decreasing liquidity, NonFungible.com said.
“Very few new NFTs have been released this quarter. The liquidity has also considerably diminished over all segments. Only utility NFTs and metaverses are showing growing liquidity despite a bear market.”
The secondary market for NFTs remained predominant in the second quarter, accounting for about 80 per cent of the volume of dollars traded, while the primary market decreased over the period, the report said.
“It seems pretty clear that given the context, buyers of NFTs are no longer willing to take great risks when buying their assets in the primary market,” it said.
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
The five pillars of Islam
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Turkish Ladies
Various artists, Sony Music Turkey
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Mubalada World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
