NFT Market Faces Historic Low in Sales Volume; Is Market Dead?

Current Sales Volume and Market Activity

According to CryptoSlam, as of July 29, the monthly volume of digital collectibles stood at $393 million. With daily volumes dipping below $14 Million, July could end up being the lowest or second-lowest month for NFTs this year.

Source: CryptoSlam

On July 29, the total sales were recorded at $7,326,693.53 with over 852,039,501 in Supply in the past 24 hours. Moreover, 23,954 unique buyers and 15,243 unique sellers were documented on the same day, which indicates that the NFT market is still alive.   

In June 2024, NFTs recorded a two-month low with only $450 million in sales, marking the lowest monthly figure since November 2023.

Data indicates a downward trend for NFTs since the second quarter of 2024. During this period, NFTs experienced a 45% drop in sales volume quarter-on-quarter. The first quarter of 2024 saw $4.1 billion in sales, while the second quarter dropped to $2.24 billion.

Despite lower volumes earlier in July, NFT transaction volumes surged significantly. CryptoSlam reported 9.9 million NFT transactions in July, a 73% increase from June's 5.7 million transactions.

Web3 professionals remain optimistic about NFTs despite the lower volumes, anticipating NFTs as powerful token standards, with their utility remaining unchanged. 

Who are the Top Players?

As per the latest data and updates, Ethereum, Solana, and Bitcoin networks are sustaining the NFT market.

In the past seven days, NFT collections on the Ethereum blockchain recorded sales of $31,476,050, which is a drop of 0.94%. Furthermore, the blockchain recorded a surge in buyers and sellers, indicating the trust of investors in the respective blockchain.

Solana NFT Collection, alternatively, secured the second position with $22,248,848 in sales volume, after a decline of 16.19% in a week. Similarly, Bitcoin-based NFT projects recorded a sales volume of $16,838,767, after experiencing a drop of 20.80% in a week.

Conclusion 

While NFTs are undergoing a significant drop in sales volume, the market remains active with a notable growth in transaction volumes. Key players like Ethereum, Solana, and Bitcoin continue to support the market, reflecting continued investor trust. Despite current challenges, the potential and utility of NFTs as powerful token standards remain strong, with positiveness from Web3 professionals about their future.

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