Monthly NFT sales fall below $400M, marking yearly low
NFTs saw a sharp decline in August 2024, with monthly sales dropping to $374 millionāthe lowest this year.
Non-fungible tokens (NFTs) sales recorded a $374 million monthly volume in August, continuing a downward trend and recording its lowest monthly sales in 2024. This marks the first time digital collectibles recorded a volume below $400 million this year.Ā
Data from NFT tracker CryptoSlamĀ showsĀ that digital collectibles only had monthly sales of $374 million in August 2024. Unlike its highest monthly record in 2024, which was $1.6 billion in March, NFTsā current monthly volume represents a 76% drop.Ā
NFT monthly sales volume continues to drop
NFTs had a strong quarter at the start of 2024, with a total sales volume of $4.1 billion. However, digital collectibles could not keep the momentum going, as the volume dropped to $2.24 billion in the second quarter of 2024. This represents aĀ 45% quarter-on-quarter decline.Ā
Despite aĀ surge in weekly salesĀ in the last week of August, NFTs have been unable to break the constant decline that started in April when sales dropped to $1.2 billion. This was followed by an even steeper drop when NFTsā monthly volumes hit $598 million in May.Ā Ā
In July, NFTs recorded a volume of $427 million. However, despite a lower turnout in monthly sales volumes, July showed an 87% increase in NFT transactions. Data showed that NFT transactionsĀ increased from 5.7 millionĀ in June to 10.7 million in July.Ā
In August, NFTs had 7.3 million total transactions, representing a 31% drop. However, the average NFT saleās value increased by 27%, jumping from $39.93 to $50.74. Two days into September, NFT average sales increased to $86.04 per transaction.
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