- Current Trends in the NFT Market
- Details on the Subject
- Analysis and Expert Opinions
In August 2024, NFT sales recorded a volume of $374 million, continuing a downward trend and marking the lowest monthly sales in this year. Data indicates a significant decline in interest toward digital collectibles.
Current Trends in the NFT Market
The NFT market had a strong first quarter in 2024 with a total sales volume of $4.1 billion. However, the momentum could not continue as the volume dropped to $2.24 billion in the second quarter. Despite an increase in weekly sales in the last week of August, NFTs could not break the continuous decline that started in April when sales dropped to $1.2 billion. This was followed by a steeper decline in May when the monthly performance of the NFT market reached $598 million. In July, the NFT market recorded a volume of $427 million.
Details on the Subject
In August, the NFT market made a total of 7.3 million transactions, representing a 31% decline. However, the average value of an NFT sale increased by 27%, rising from $39.93 to $50.74. By the first two days of September, the average NFT sales per transaction rose to $86.04. In a previous statement, Solo Ceesay, co-founder and CEO of Social Wallet Calaxy, said speculative capital has shifted to memecoin projects.
Analysis and Expert Opinions
Solo Ceesay believes the focus is moving from NFTs to the memecoin area. On August 19, a once highly expensive crypto punk was quietly transferred to a different wallet. Ceesay believes the previous owner of the blue-chip NFT wanted to transfer capital to memecoin projects. This process, along with NFT projects imitating each other, failing to fulfill roadmap processes, and lack of community support for collections, has led to a decline in interest in NFTs.
Thus, the NFT market is experiencing a significant downturn in 2024 due to various factors, including alternative investment directions and decreased community support. Experts predict further market dynamics changes in the future.
