The once-booming NFT market has taken a significant hit, with a sharp 45% drop in sales during the second quarter of 2024, according to recent data from CryptoSlam.
Sales figures have plummeted to about $2.28 billion, marking the lowest quarterly performance since Q3 2023.
This stark decline contrasts sharply with the $4.1 billion in sales recorded in the first quarter of 2024.
June, in particular, is on pace to have the lowest monthly sales since October 2023, with volumes standing at around $456 million as of June 28.
The average price of NFTs has also taken a nosedive, dropping from $193 in March to just $78 in June—a steep 60% decline.
The number of unique buyers and sellers has decreased as well, signalling waning interest in the market.
This slump in the NFT market parallels the recent downward trend in Bitcoin’s value.
After peaking in March 2024, Bitcoin has struggled to maintain its highs, currently trading at $61,673 according to CoinMarketCap.
Despite these setbacks, the NFT sector has seen some notable achievements this year.
Solana-based NFTs surpassed $5.6 billion in all-time sales volume in February, and Bitcoin-based NFTs climbed to the third spot in all-time sales volume, overtaking the Ronin network.
