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.
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.
FTX is set to begin distributing $16 billion in assets to creditors starting in early Q4 2024.
The SEC has sought a four-month extension in its investigation related to Coinbase, pushing the deadline to February 2024, just after the US presidential election.
DZ Bank, Germany’s second-largest financial institution, has teamed up with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its network of cooperative banks.
Charles Hoskinson, founder of Cardano, will meet with Argentina’s President Javier Milei in October to discuss blockchain’s role in shaping future economies.