Despite a drop in sales volume, NFTs recorded a 73% increase in transactions in July.
Non-fungible tokens (NFTs) are on track to reach their lowest monthly sales volume since November 2023.
On July 29, data from CryptoSlam reported that the monthly volume of digital collectibles had reached $393 million. With NFTs experiencing a daily volume of less than $14 million, July may end up being the lowest or second-lowest month for this asset class this year.
In June 2024, NFTs‘ monthly sales volume hit a six-month low, recording just $450 million in sales. This was the lowest monthly record for the asset class since November 2023.
NFTs Continue Downward Momentum
Data indicates that NFTs have been trending downward since the second quarter of 2024. Within the quarter, NFTs experienced a 45% drop compared to the previous quarter. The first quarter of 2024 saw a sales volume of $4.1 billion, while the second quarter only reached $2.24 billion.
Despite the lower sales volume in July, NFTs saw a significant increase in the number of transactions. According to CryptoSlam data, there were 9.9 million NFT transactions in July, a 73% rise from June’s 5.7 million transactions.
Even with the lower volumes, Web3 professionals remain optimistic about the asset class. SuperRare co-founder Jonathan Perkins previously told WEB30NEWS that NFTs continue to be a powerful token standard, with their utility remaining unchanged.
Summary Review: The NFT market is currently facing challenges, with sales volumes hitting new lows. However, the increase in transaction numbers suggests continued interest and activity in the space. Despite the downturn, experts believe in the enduring potential and utility of NFTs.
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.
