NFT Sales Crash to New 2024 Low in August

In August 2024, sales of non-fungible tokens (NFTs) fell to $374 million, marking the lowest monthly total of the year and the first time sales have dipped below $400 million in 2024.

According to NFT tracker CryptoSlam, this figure represents a sharp 76% decrease from the peak of $1.6 billion in March.

NFTs saw a robust start to the year with $4.1 billion in sales during the first quarter. However, momentum waned significantly, with second-quarter sales falling to $2.24 billion—a 45% decline from the previous quarter.

Despite a brief uptick in the final week of August, NFT sales have been on a steady decline since April, when sales first dropped to $1.2 billion.

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The decline deepened with May’s $598 million and continued through July, which saw sales of $427 million but an 87% increase in transaction volume. NFT transactions surged from 5.7 million in June to 10.7 million in July.

In August, transactions decreased to 7.3 million, a 31% drop from July. On a positive note, the average value of each NFT sale rose by 27%, from $39.93 to $50.74. By early September, this average value had further increased to $86.04 per transaction.

Alexander Stefanov