Monthly NFT Sales Drop to Yearly Low
BITmarkets Team
Sep 03, 2024
Non-fungible token (NFT) sales recorded a monthly volume of $374 million in August, continuing a downward trend and marking the lowest monthly sales figure of 2024.
This was the first time this year that digital collectibles saw a monthly volume below $400 million.
According to data from NFT tracker CryptoSlam, digital collectibles generated $374 million in sales during August 2024.
In contrast to the highest monthly record of 2024, which reached $1.6 billion in March, August’s volume reflects a 76% decline.
NFTs had a strong start to 2024, achieving a total sales volume of $4.1 billion in the first quarter.
However, digital collectibles failed to maintain this momentum, with total volume dropping to $2.24 billion in the second quarter—a 45% decline compared to the previous quarter.
Despite a spike in weekly sales during the last week of August, NFTs have not been able to reverse the continuous decline that began in April, when sales dropped to $1.2 billion.
This decline worsened when monthly volumes fell further to $598 million in May.
In July, NFT sales reached a volume of $427 million. However, despite a decrease in monthly sales volume, July saw an 87% increase in NFT transactions, rising from 5.7 million in June to 10.7 million in July.
In August, NFTs recorded 7.3 million total transactions, a 31% decrease from July.
However, the average value of an NFT sale rose by 27%, increasing from $39.93 to $50.74. Just two days into September, the average NFT sale value further increased to $86.04 per transaction.
Sources:
https://cointelegraph.com/news/nft-sales-august-2024-decline
