Nfts
NFT sales volumes fall 45% quarter-on-quarter: data
Data from Cryptoslam indicates that the initially strong NFT market is now seeing downward momentum, after declining in critical metrics including sales volumes, unique sellers, and buyers.
The current rough patch in the Bitcoin markets has been blamed on the decline in NFT volume.
NFT volumes are down
According to data Cryptoslam, the NFT marketplace saw a significant decline in monthly volumes during the second quarter compared to the first quarter of 2024. Sales volumes in the second quarter fell 45% quarter-over-quarter.
In the first quarter of 2024, total sales volumes on the NFT market exceeds $4.1 billion, a substantial increase from $2.9 billion recorded in Q1 2023. However, in Q2 2024, NFT volumes saw a significant decline, reporting a quarterly volume of approximately $2.28 billion, the lowest since Q3 2023.
According to the data, June saw a significant drop in the average NFT sale price, from $193 in March to $78, a decrease of about 60%. As of June 28, sales volumes were approximately $419 million, putting June on track to record the lowest sales values since October 2023.
In May, sales volumes were just above $616 million, down more than 50% from April’s $1.2 billion.
It’s not just sales volumes that are down, but also other metrics like unique sellers and buyers. In the first quarter, there were approximately 2,238,925 unique sellers and 3,316,014 unique buyers. In the second quarter, the number of unique sellers and buyers was 1,785,367 and 3,300,566, a slight decrease from the first quarter.
The key stages of the NFT in the context of the decline of Bitcoin
Despite a significant slowdown, NFTs have reached notable milestones in 2024. As reported According to CryptoPotato, Solana-based NFTs surpassed $5 billion in all-time high sales volume on February 23.
Additionally, Bitcoin-based NFTs rose to third place in terms of historical sales volume earlier this month, surpassing the Ronin Network.
This decline in the NFT market coincided with the downward trend in Bitcoin; After peaking in March 2024, Bitcoin struggled to regain its highs, falling as low as $57,000. At the time of writing, Bitcoin price is $61,327, experts advise prudent accumulation of cryptocurrency.