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.
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.
A prominent Bitcoin staking platform has surged in protocol fees yesterday, securing its place among the top decentralized finance platforms.
Seven major financial institutions, including JPMorgan Chase and Bank of America, expect gold to reach new highs by 2025.
Recent updates reveal that Coinbase is urging Judge Katherine Polk Failla to rethink its request for an interim appeal.
Quant hedge funds are facing significant challenges due to margin calls triggered by a substantial surge in Chinese stocks, particularly impacting those with short positions.