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

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.