Non-fungible token (NFT) gross sales have had a tough time in 2024, and August has been no exception. Following a 36.6% drop in July, August introduced one other vital decline, with gross sales falling by 41.36%.
NFT Market Struggles: August Gross sales Plunge 41.36% After July’s Decline
In response to cryptoslam.io metrics, NFT gross sales in August tallied as much as roughly $376.30 million, marking a 41.36% drop in comparison with July. The variety of NFT patrons fell by 29.04%, whereas sellers noticed a lower of 17.02% throughout the identical interval. August additionally recorded about 7.45 million NFT transactions, which is 50% fewer than the month earlier than. Among the many prime 5 blockchains by NFT gross sales, 4 skilled a month-to-month decline, with Mythos Chain being the exception, having fun with a 14.31% rise.
Supply: cryptoslam.io
Ethereum NFTs took the lead, bringing in $129 million, although this was 37.53% lower than July’s figures. Solana adopted with $78.94 million, reflecting a lower of about 35.54%. Bitcoin NFT gross sales took a success as nicely, plummeting 50.58% to $57.65 million. Polygon secured the fourth spot in August, with $36.44 million in gross sales, although this represented a 52.24% drop. In the meantime, as talked about earlier, Mythos bucked the pattern with $20.5 million in NFT gross sales, seeing positive factors in August.
High 5 blockchains when it comes to NFT gross sales in August.
August’s top-performing NFT assortment was Mythos’ Dmarket, raking in $20.28 million in NFT gross sales—a 17.45% enhance from July. Ethereum’s Cryptopunks adopted with a 139.41% improve, accumulating $18.53 million over the month. Immutable’s Guild of Guardians took third place, recording $14.55 million, marking a 110% rise. Sorare secured the fourth spot with $13.32 million in gross sales, whereas Bored Ape Yacht Membership rounded out the highest 5 with $11.47 million in August gross sales.
The priciest NFT in August was an Uncategorized Ordinal, fetching a hefty $2.4 million simply 16 days in the past. Shut on its heels was Ethereum’s Bored Ape Yacht Membership #2,579, which offered for $342,542 about 17 days in the past. Different noteworthy high-value NFTs got here from Arbitrum, BNB, and Ronin. With NFT gross sales beneath intense strain this yr, predicting the place this market will stand within the coming months or by yr’s finish is hard. The final two months of gross sales have been downright brutal.
