The sales volume for non-fungible tokens (NFTs) fell by 45% from the first quarter to the second quarter of 2024, amid a broader decline in the Bitcoin market.
Data from CryptoSlam reveals that NFT sales volume in the first quarter of 2024 reached $4.1 billion, continuing the positive trend from the fourth quarter of 2023, which saw $2.9 billion in sales.
However, this momentum did not carry over into the second quarter, which recorded a sales volume of $2.24 billion, the lowest since the third quarter of 2023, and a sharp 45% decrease from the previous quarter.
June proved particularly challenging for NFTs, with the average sale value plummeting by 59% compared to March. The month is also on track to register the fewest NFT transactions since March 2021, and the lowest sales volume and number of unique sellers since October 2023. This suggests that many NFT collectors are holding onto their assets during this period of unfavorable prices.
The downturn in NFT trading volume coincides with a negative outlook for the Bitcoin market. On June 24, analysts predicted that Bitcoin might fall to $50,000 due to emerging price patterns indicating a larger downturn. Markus Thielen, founder of 10x Research, noted that the upcoming U.S. elections and the Consumer Price Index later in 2024 could also negatively affect Bitcoin prices.
Summary Review: The significant drop in NFT sales volume in Q2 2024 reflects the broader challenges in the cryptocurrency market. As both NFTs and Bitcoin face downward pressure, the market outlook remains uncertain. Investors and collectors may need to brace for continued volatility as they navigate these turbulent times.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
