Nfts
NFT market drops 45% in second quarter 2024: data from CryptoSlam
Recent data from Cryptoslam indicates that there was a decline in the NFT market during the second quarter of 2024.
According to the data, NFT sales volumes in the second quarter fell 45% from the previous quarter, with total figures falling to around $2.28 billion, the lowest since the third quarter of 2023.
NFT Trading Volume Chart | Source CryptoSlam
This decline is down from impressive sales of $4.1 billion in the first quarter of 2024. June 2024 is on track to record the weakest monthly sales since October 2023, with volumes of approximately $456 million as of June 28.
Additionally, the average selling price of NFTs also saw a significant decline, from $193 in March to $78 in June, a drop of 60%. The number of unique sellers and buyers in the market has contracted, indicating a sharp decline in interest in the NFT space.
However, this slowdown in the NFT market coincides with Bitcoin’s recent downtrend. After reaching peak values in March 2024, Bitcoin has struggled to regain its highs and is currently trading at $61,673 according to CoinMarketCap
Despite these challenges, the NFT industry has achieved notable milestones in 2024. Solana-based NFTs surpass $5.6 billion in terms of all-time sales volume in February, and Bitcoin-based NFTs moved into third place for all-time sales volume, surpassing the Ronin network.
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