Recent data from Cryptoslam indicates that there has been a drop in the NFT market during the second quarter of 2024.
According to the data, NFT sales volumes in Q2 fell by 45% quarter-on-quarter, with total figures dropping to approximately $2.28 billion, the lowest since Q3 2023.
NFT Trading Volume Chart| Source CryprtoSlam
This decline is down when compared to Q1 2024’s impressive $4.1 billion in sales. June 2024 is on track to record the lowest monthly sales since October 2023, with volumes of around $456 million as of June 28.
Additionally, the average sale price of NFTs has also seen a significant reduction, decreasing from $193 in March to $78 in June, representing a 60% decline. The number of unique sellers and buyers in the market has contracted, indicating a wide drop in interest in the NFT space.
However, this downturn in the NFT market coincides with Bitcoin’s recent bearish trend. After reaching peak values in March 2024, Bitcoin has struggled to regain its highs, and currently trading at $61,673 according to CoinMarketCap
Despite these challenges, the NFT sector has achieved some notable milestones in 2024. Solana-based NFTs surpassed $5.6 billion in all-time sales volume in February, and Bitcoin-based NFTs moved into third position for all-time sales volume, surpassing the Ronin network.
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