Sales of NFTs Hit 9-month Low – Is There Room For Concern?
29.07.2024 14:00 1 min. read Kostadin Dimitrov
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.
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