NFT Sales Plummeted in August
Non-fungible token (NFT) sales continued their downward spiral in August following a rough July when sales plunged 36.6%. In August, the trend continued further with sales dropping by 41.36%.
August Sales Plummet 41.36% Following a July Decline
Data from Cryptoslam.io metrics, which tracks global NFT sales volumes, shows that in August, NFT sales amounted to $376.30 million, a 41.36% plunge in sales compared to the previous month.
The number of NFT buyers dropped by 29.04% in August while the number of sellers dropped by 17.2% over the same period.
August registered 7.45 million NFT transactions which was 50% less than the previous month. Four of the top five blockchains by NFT sales saw a fall in monthly sales. The only exception was Mythos which saw a 14.31% rise in NFT sales.
The biggest blockchain by NFT sales was Ethereum with Ethereum NFTs registering sales of $129 million. This was still a drop of 37.53% over the previous month’s figures.
Solana NFTs registered $78.94 million in total sales but this was still a 35.54% drop over the July figures.
Bitcoin NFT sales also fell in August, recording $57.65 million in total sales, a 50/58% drop over the July figures.
Polygon was the fourth best-performing blockchain by NFT sales, registering $36.44 million in total sales. However, this still represented a 52.24% drop over the previous month’s sales.
Defying the trend was Mythos blockchain, registering $20.5 million in NFT sales and gaining in August to buck the general trend of decline in NFT market performance.
The best-performing NFT collection in August was Mythos’ Dmarket which garnered $20.28 million in NFT sales, a 17.45% improvement over the July sales. The second-best-performing NFT collection was Ethereum’s Cryptopunks which saw a 139.41% rise in sales volume, garnering $18.53 million in August.
At third place was Immutable’s Guild of Guardians which grossed $14.55 million, a 110% increase over July sales.
Sorare was the fourth best-performing NFT with 13.32 million in sales. Bored Ape Yacht Club was fifth, selling $11.47 million in August.
The most expensive NFT in August was an Uncategorized Ordinal which sold for a pricey $2.4 million. It was followed by Bored Ape Yacht Club #2,579 which was sold for $342,542. There were other major NFT sales from Arbitrum, BNB, and Ronin.
Overall, NFT sales have been under massive pressure in 2024 and it is difficult to predict how the market will pan out in the coming months. July and August were particularly brutal for NFT holders.
https://virtualrealitytimes.com/2024/09/03/nft-sales-plummeted-in-august/?utm_source=rss&utm_medium=rss&utm_campaign=nft-sales-plummeted-in-august
