Sales of NFTs Hit 9-month Low – Is There Room For Concern?

Non-fungible tokens (NFTs) are facing their lowest monthly sales volume since November 2023, with July 29 data showing a monthly volume of $393 million.

This represents a significant drop from the June 2024 sales volume of $450 million, which itself was the low point for the year.

Since the second quarter of 2024, NFTs have been on a downward trend, with a 45% quarter-over-quarter decline. In the first quarter of 2024, sales reached $4.1 billion, while only $2.24 billion was recorded in the second quarter.

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Despite lower volumes, the number of transactions increased, with 9.9 million NFT transactions in July, up 73% from 5.7 million in June. Web3 industry experts remain optimistic about the future of non-redeemable tokens.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.