Average NFT selling prices fell nearly 60 percent in Q2 2024: report

The non-fungible token (NFT) market is witnessing a significant drop in sales across the globe. The latest data from Cryptoslam has shown that the average selling prices of NFTs have dropped by almost 60% between March and June this year. The average price of an NFT in March was $193 (roughly Rs. 16,100), while in June, the price dropped to $79.17 (roughly Rs. 6,604).

Cryptoslam Statistics Show the Status of the NFT Market

According to CryptoSlamThe average NFT selling price dropped by 59.11 percent in Q2 2024, compared to Q1. The total sales volume also dropped drastically — from $1,604,580,523.51 (add INR conversion) in March 2024 to $462,260,209.09 (add INR conversion) in June. The number of unique NFT buyers, on the other hand, stood at 10,83,490 in March this year, but the number reduced to 9,98,138 in June.

Meanwhile, the number of unique NFT sellers dropped from 6,75,306 in March to 4,75,999 in June. The numbers clearly indicate that the NFT market is experiencing a significant slump, with only a few collections managing to attract buyers.

The Pizza BRC-20 NFTs, built on the Bitcoin blockchain, topped CryptoSlam’s list of NFT collections that saw an increase in sales volume over the past 30 days. DMarket, Crypto Punks, and Gods Unchained Cards secured the second, third, and fourth spots, respectively, on the list.

The NFT market has seen several ups and downs in recent years. In 2022 and 2023, international celebrities such as Justin Bieber, Snoop Dogg, and Paris Hilton, among others, spent thousands of dollars purchasing the trendy digital collectibles, while several renowned brands such as Lufthansa Airlines and Casio Watch added NFTs to their rewards programs and metaverse initiatives.

Around December 2023, the hype surrounding BTC ETFs in the US added more buzz to the NFT market – but this was clearly short-lived.

According to the latest data, in January this year, the average price of an NFT was $109 (roughly Rs. 9,096), but on July 2, the average NFT price dropped to $92.11 (roughly Rs. 7,687).

It is still unclear if and when the NFT market will see any improvement, as their categorization as digital assets or securities remains a debated topic in several countries.

Recent developments in the NFT arena

NFTs are digital collectibles that are built on blockchain networks and can be inspired by a variety of things, such as game characters, artists, drawings, cartoons, and even video content. The buyer of an NFT gains complete ownership and can choose to keep, trade, or sell it. NFTs are often loaded with virtual perks and rewards from brands, gaming ecosystems, and artists.

In April 2024, Samsung has partnered with metaverse game Wilder World to offer NFT rewards to buyers of its Web3 TV packages.

In India, the Indian Railway Catering and Tourism Corporation (IRCTC) revealed NFT tickets for train journeys from Lucknow to Delhi as Holi-themed digital souvenirs.

In fact, the Japanese tech giant Sony is trying to create a new category of NFTs, called SuperNFTs, which are created when players in its gaming ecosystem combine all of their in-game NFTs into one entity. Several brands like Nike and Adidas have revamped their marketing strategies to include NFTs as a way to connect with a younger customer base.

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