NFTs
NFT Market to Drop 45% in Q2 2024: CryptoSlam Data
Recent data from Cryptoslam indicates that there has been a decline in the NFT market during the second quarter of 2024.
According to the data, NFT sales volumes in Q2 dropped 45% from the previous quarter, with the total numbers falling to approximately $2.28 billion, the lowest since Q3 2023.
NFT Trading Volume Chart | Source CryptoSlam
This decline pales in comparison to the impressive $4.1 billion in sales from the first quarter of 2024. June 2024 is on track to record the lowest monthly sales since October 2023, with volumes of around $456 million on June 28th.
Furthermore, the average selling price of NFTs also saw a significant reduction, decreasing from US$193 in March to US$78 in June, representing a 60% drop. The number of unique sellers and buyers on the market has decreased, indicating a huge drop in interest in the NFT space.
However, this slowdown in the NFT market coincides with Bitcoin’s recent downtrend. After reaching highs in March 2024, Bitcoin has struggled to regain its highs and currently trades at $61,673, according to CoinMarketCap
Despite these challenges, the NFT industry achieved some notable milestones in 2024. Solana-based NFTs surpassed $5.6 billion in all-time sales volume in February, and Bitcoin-based NFTs advanced to third place in all-time sales volume, surpassing the Ronin network.
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