NFT Sales Volumes Slump 45% Quarter-on-Quarter: Data

According to CryptoSlam data, the initially strong NFT market is now recording a downward trend, with key metrics including sales volumes, unique sellers and buyers declining.

The ongoing difficult situation in the Bitcoin markets has been blamed for the decline in NFT volume.

NFT volumes down momentum

According to data from Cryptoslam, the NFT market saw a significant drop in monthly volume in Q2 compared to the first quarter of 2024.

In the year In the first quarter of 2024, the total sales volume in the NFT market exceeded $4.1 billion, a significant increase compared to the $2.9 billion recorded in Q1 2023. billion, the lowest since Q3 2023.

According to the data, June saw a sharp decline in the average selling price of NFTs, down from $193 in March to $78, a decrease of approximately 60%. As of June 28, sales volumes were around $419 million, putting June on track to record the lowest sales volume since October 2023.

Sales in May were over $616 million, down more than 50% from April's $1.2 billion.

It's not just the sales volume that's declining, but other metrics like unique sellers and buyers as well. In the first quarter, there were about 2,238,925 unique sellers, and the number of unique buyers was 3,316,014. In the second quarter, the number of unique sellers and buyers was 1,785,367 and 3,300,566, which is slightly less than in Q1.

NFT Milestone in the midst of Bitcoin collapse

Despite the significant decline, NFTs have achieved significant milestones in 2024. According to CryptoPotato, Solana-based NFTs surpassed an all-time sales volume of $5 billion on February 23rd.

In addition, Bitcoin-based NFTs moved into the third position of all-time volume earlier this month, surpassing the Ronin Network.

This decline in the NFT market is in line with Bitcoin's bearish trend; After reaching its peak in March 2024, Bitcoin has struggled to recover below $57,000. At the time of this report, Bitcoin at a price of $ 61,327, with experts advising caution in cryptocurrency stocks.