Nfts
Average NFT sale prices fell nearly 60% in Q2 2024: report
The non-fungible token (NFT) market is seeing a significant decline in sales worldwide. The latest data from Cryptoslam showed that the average selling prices of NFTs dropped by almost 60% between March and June this year. The average price of an NFT around March was $193 (roughly Rs. 16,100), while in June, the price dropped to $79.17 (roughly Rs. 6,604).
Cryptoslam Statistics Show the Status of the NFT Market
According to CryptoSlamThe average selling price of NFTs dropped by 59.11% in Q2 2024 compared to Q1. The total sales volume also dropped sharply from $1,604,580,523.51 (please add INR conversion) in March 2024 to $462,260,209.09 (please add INR conversion) in June. The number of unique NFT buyers, on the other hand, stood at 10,83,490 in March this year, but this figure dropped to 9,98,138 in June.
At the same time, the number of unique NFT sellers has dropped from 6,75,306 in March to 4,75,999 in June. The numbers clearly indicate that the NFT market is witnessing a significant decline, with only a few collections managing to attract buyers.
The BRC-20 Pizza NFTs, built on the Bitcoin blockchain, topped CryptoSlam’s list of NFT collections that saw an increase in sales volume over the past 30 days. DMarket, Crypto Punks, and Gods Unchained Cards secured the second, third, and fourth spots on the list, respectively.
The NFT market has seen many ups and downs in recent years. Between 2022 and 2023, international celebrities like Justin Bieber, Snoop Dogg, and Paris Hilton, among others, spent thousands of dollars on trendy digital collectibles, while several renowned brands like Lufthansa Airlines and Casio Watch added NFTs to their rewards programs and metaverse initiatives.
By December 2023, the hype around BTC ETFs in the US had added more buzz to the NFT market – but this was clearly short-lived.
According to the latest data, in January this year, the average price of an NFT was $109 (approximately Rs. 9,096), but as of July 2, the average price of an NFT has dropped to $92.11 (approximately Rs. 7,687).
It is still unclear if and when the NFT market will see improvements given that their categorization as digital assets or securities remains a debated topic in several countries.
Recent developments in the field of NFTs
NFTs are digital collectibles built on blockchain networks and can be inspired by a wide range of things like game characters, artists, drawings, cartoons, and even video content. The buyer of an NFT gains full ownership of it and can choose to keep, trade, or sell it. Often, NFTs are packed with virtual perks and rewards from brands, gaming ecosystems, and artists.
In April 2024, Samsung has partnered with metaverse game Wilder World to offer NFT rewards to buyers of its Web3 TV packs.
In India, the Indian Railway Catering and Tourism Corporation (IRCTC) revealed NFT tickets for Lucknow to Delhi train journey as Holi-themed digital souvenirs.
In fact, the Japanese tech giant Sony is trying to create a new category of NFTs, called SuperNFTs, which are created when players in its gaming ecosystem combine all of their in-game NFTs into a single entity. Several brands like Nike and Adidas have reworked their marketing strategies to include NFTs as a way to connect with a younger audience.
Affiliate links can be generated automatically – see our Ethics Statement for more details.
Fuente