In July, the non-fungible token (NFT) market skilled a 36.6% drop in gross sales in comparison with June. Over the month, NFT gross sales reached $429.46 million, whereas the variety of NFT patrons fell by 46.24% from the earlier month.
NFT Market Sees Continued Decline in July With Fewer Consumers and Sellers
July marked the second consecutive month of declining NFT gross sales in comparison with the earlier month. In accordance with cryptoslam.io stats, Ethereum-based NFTs led the market in July with $134.3 million in gross sales, though this represented a 40.75% lower from June. Solana NFTs additionally noticed a drop, although a extra modest 6.97%, totaling $96.02 million. Bitcoin NFTs secured the third place with $75.79 million, however gross sales of BTC-centric digital collectibles plummeted by 51.26% in July.
In July, the highest NFT assortment by gross sales was Mythos’ Dmarket, main the sphere with $15.77 million. Nevertheless, Dmarket gross sales noticed a 15% decline from the earlier month. Solana’s Dogezuki claimed the second spot, raking in $13.99 million, reflecting a 37.96% enhance. The third-largest assortment for the month was Solana Monkeys, which earned $13.33 million, marking a powerful 264.81% rise in comparison with June.
July was a gradual month for high-value digital collectibles. In June, the highest 5 costliest NFTs fetched between $1.17 million and $3.52 million. The priciest NFT bought in July was an Ordinal from the Bitcoin blockchain, going for $877,068 about ten days in the past. On the identical day, the second highest-priced NFT, a GETH Locked Deposit on Arbitrum, bought for $583,047. The third costliest NFT of the month was Cryptopunk #2 from Ethereum, promoting for $386,916 at the beginning of July.
Along with the decline in gross sales, NFT patrons dropped by 46.24% in July in comparison with June. Sellers of digital collectibles decreased by 40.68%, though the variety of NFT transactions in July noticed a modest uptick. A complete of 11,010,302 NFT transactions occurred throughout greater than two dozen blockchains, a 5.3% enhance from June. NFTs have had a tough 2024 to date, and July suggests a restoration isn’t but on the horizon.
