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NFT Sales Hit 2024 Low at $374M in August
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This is the first time in 2024 that digital collectibles have seen monthly sales dip below $400 million. It highlights the challenges the market is currently facing.
Data from NFT tracker CryptoSlam reveals that August’s figures represent a steep 76% decline from the year’s peak in March. In March, sales volumes reached an impressive $1.6 billion.
NFT Market Sees Sharp Decline Amid Challenging Conditions
The NFT market had a robust start to 2024, with total sales volumes hitting $4.1 billion in the first quarter. However, the momentum proved unsustainable as the market witnessed a sharp decline in the second quarter, with volumes plummeting to $2.24 billion—a 45% decrease from the previous quarter. The downward trend that began in April, when sales dropped to $1.2 billion, has persisted, culminating in the record low of $374 million in August.
Despite a brief surge in weekly sales during the last week of August, the overall market has struggled to reverse the ongoing decline. Following the April downturn, May saw a further drop in monthly volumes to $598 million. Although July showed a slight recovery with $427 million in sales, the overall trend remained negative.
Source: CryptoSlam
Interestingly, while the total monthly sales volumes have decreased, there has been a notable increase in the number of transactions and the average value per sale. In July, the NFT market recorded an 87% increase in transactions, rising from 5.7 million in June to 10.7 million.
However, this trend reversed in August, with total transactions falling by 31% to 7.3 million. Despite the decline in transactions, the average value of NFT sales saw a 27% increase, jumping from $39.93 in July to $50.74 in August.
Source: CryptoSlam
As September begins, early data indicates a continued rise in the average sale value, which has reached $86.04 per transaction. This increase in average transaction value may suggest a shift in market dynamics, with fewer but higher-value transactions becoming the norm. However, the overall decline in sales volumes raises concerns about the sustainability of the NFT market in its current form.
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September 2, 2024 at 08:29AM
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