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.
Coinbase has taken a major step toward expanding its decentralized finance (DeFi) presence by bringing onboard the leadership team behind Opyn Markets, a prominent name in the DeFi derivatives space.
Grayscale Investments has called on the U.S. Securities and Exchange Commission (SEC) to allow the launch of its multi-crypto ETF—the Grayscale Digital Large Cap Fund—arguing that further delays violate statutory deadlines and harm investors.
Robinhood has officially introduced Ethereum (ETH) and Solana (SOL) staking services for its U.S. customers, offering a new way for users to earn rewards on their crypto holdings.
Binance CEO Richard Teng shared an optimistic outlook on the future of cryptocurrencies during an appearance on Mornings with Maria, highlighting growing global acceptance, regulatory progress, and strategic reserve integration.