In June, sales of non-fungible tokens reached a 12-month low due to the cryptocurrency crash.

As a result of NFTs, someone obtains ownership of a unique digital piece of art

usually a piece of virtual art - even if the item can easily be copied.

A blockchain is a decentralized, digital ledger that records ownership.

According to Chainalysis, NFT sales topped $1 billion (£830 million) in June

their lowest monthly sales since $648 million a year ago.

In January, sales topped $12.6 billion

“Ethan McMahon, a Chainalysis economist, said this decline

 correlates with the broader crypto market downturn.

“Perhaps times like these will lead to further consolidation within the affected markets

and for NFTs we will likely see a corresponding reduction 

in the types and quantities of NFTs that gain prominence.”

In November, the cryptocurrency market was worth approximately $3tn

It is now worth less than $1tn.