NFT sales volumes crumble by 45% quarter on quarter
Insights from Cryptoslam point out a pronounced decline in the monthly trade volumes of the NFT sector throughout the second quarter, in stark contrast to the preceding quarter of 2024. The trade volume saw a steep 45% decrement when compared quarter to quarter.
During the initial quarter of 2024, the total trade volume in the NFT arena surged past $4.1 billion, marking a notable rise from the $2.9 billion documented in Q1 of 2023. Yet, the second quarter of 2024 observed a sharp contraction, with trading volumes plummeting to about $2.28 billion, the lowest since Q3 of 2023.
Based on the figures, June witnessed a steep fall in the average selling price for NFTs, tumbling from $193 in March to $78, marking a near 60% decline. As of June 28, the sales volume reached approximately $419 million, positioning June to potentially note the lowest sales figures since October 2023.
In May, the sales stood marginally over $616 million, signaling a more than 50% fall from April’s $1.2 billion.
The fall isn't confined to just sales volumes but extends to other figures like the count of unique vendors and purchasers. The opening quarter featured around 2,238,925 unique vendors, with the buyer count at 3,316,014. These numbers slightly declined in the second quarter to 1,785,367 vendors and 3,300,566 buyers from the Q1 figures.
In the midst of a substantial downturn, 2024 has still seen NFTs reaching impressive milestones. As CryptoPotato reports, NFTs on the Solana platform exceeded $5 billion in cumulative sales volume by February 23.
Moreover, NFTs on the Bitcoin network ascended to the third rank in terms of all-time sales volume earlier in the month, overtaking the Ronin network in the process.
These NFT market trends have unfolded alongside a bearish phase for Bitcoin; following a peak in March 2024, Bitcoin has faced challenges in rebounding to its previous highs, with its value dipping to as low as $57,000. At the point of this analysis, Bitcoin is valued at $61,327, with seasoned analysts recommending a cautious approach to accumulating the cryptocurrency.
