NFT sales fell to $374 million in August, marking the lowest monthly volume of 2024. This is the first time this year that sales have dipped below $400 million.
The monthly volume of non-fungible tokens (NFTs) sales in August was $374 million, which marks the lowest monthly sales in 2024 and continues a downward trend. This is the first time that digital collectibles have recorded a volume below $400 million this year.
In August 2024, digital collectibles generated a mere $374 million in monthly transactions, according to data from NFT tracker CryptoSlam. NFTs’ current monthly volume is a 76% decrease from their greatest monthly record of $1.6 billion in March 2024.
Monthly Sales Volume of NFT Decrease
At the commencement of 2024, NFTs experienced a robust quarter, with a total sales volume of $4.1 billion. Nevertheless, the momentum in digital collectibles was not sustained, as the volume decreased to $2.24 billion in the second quarter of 2024. This is a quarterly decrease of 45%.
NFTs have been unable to break the constant decline that began in April, when sales fell to $1.2 billion, despite a surge in weekly sales in the last week of August. This was succeeded by an even more precipitous decline when the monthly volumes of NFTs reached $598 million in May.
In July, the volume of NFTs was $427 million. Nevertheless, July exhibited an 87% increase in NFT transactions, despite a reduced turnout in monthly sales volumes. The data indicated that the number of NFT transactions increased from 5.7 million in June to 10.7 million in July.
In August, the total number of transactions for NFTs was 7.3 million, which is a 31% decrease. Nevertheless, the average value of an NFT sale increased by 27%, from $39.93 to $50.74. The average sales of NFTs increased to $86.04 per transaction two days into September.
Speculative Capital is Transitioning from NFTs to Memecoins.
Solo Ceesay, the co-founder and CEO of the social wallet Calaxy, stated in a previous Cointelegraph statement that speculative capital has been directed toward memecoins this cycle. The executive is of the opinion that the industry is transitioning from NFTs to memecoins.
The once most costly CryptoPunk was discretely transferred to a different wallet on August 19. Ceesay is of the opinion that the previous proprietor of the blue-chip NFT intended to convert the capital into memecoins.
