NFT Sales Hit Yearly Low in August 2024 with $374M in Transactions

NFTs saw a sharp decline in August 2024, with monthly sales dropping to $374 million—the lowest this year. Non-fungible tokens (NFTs) sales recorded a $374 million monthly volume in August, continuing a downward trend and recording its lowest monthly sales in 2024. This marks the first time digital collectibles recorded a volume below $400 million this year. Data from NFT tracker CryptoSlam shows that digital collectibles only had monthly sales of $374 million in August 2024. Unlike its highest monthly record in 2024, which was $1.6 billion in March, NFTs’ current monthly volume represents a 76% drop. NFTs had a strong quarter at the start of 2024, with a total sales volume of $4.1 billion. However, digital collectibles could not keep the momentum going, as the volume dropped to $2.24 billion in the second quarter of 2024. This represents a 45% quarter-on-quarter decline . Despite a surge in weekly sales in the last week of August, NFTs have been unable to break the constant decline that started in April when sales dropped to $1.2 billion. This was followed by an even steeper drop when NFTs’ monthly volumes hit $598 million in May. In July, NFTs recorded a volume of $427 million. However, despite a lower turnout in monthly sales volumes, July showed an 87% increase in NFT transactions. Data showed that NFT transactions increased from 5.7 million in June to 10.7 million in July. In August, NFTs had 7.3 million total transactions, representing a 31% drop. However, the average NFT sale’s value increased by 27%, jumping from $39.93 to $50.74. Two days into September, NFT average sales increased to $86.04 per transaction. Related: NFTs can be securities but SEC Wells notice to OpenSea ‘not productive’ — Lawyer In a previous Cointelegraph statement, Solo Ceesay, co-founder and CEO of social wallet Calaxy said that speculative capital has flowed into memecoins this cycle . The executive believes that the space is moving on from NFTs into memecoins. On Aug. 19, the once most expensive CryptoPunk was quietly transferred into a different wallet . Ceesay believes that the previous owner of the blue-chip NFT wanted to transfer the capital into memecoins. Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift