Despite fewer sales, NFTs saw a 73% increase in transactions recorded in July.
NFT volumes in red, prices in red, pretty likely investors are also in red
Non-fungible tokens are set to record their lowest monthly sales volume since November 2023.
The data from CryptoSlam shows on the end of July, the monthly volume of digital collectibles reached $393 million.
With daily volumes under barely $14 million, this July could become the lowest or second-lowest month for NFTs the year.
In June 2024, NFT sales were at a 14-month low with $450 million, marking the lowest since November 2023. The hype is basically gone.
Slippery slope, and we rushing down
NFTs have been declining since the second quarter of 2024, so this is not a big, unexpected surprise for the sector.
Sales dropped 45% quarter-on-quarter, with the first quarter of 2024 seeing $4.1 billion in sales, while the second quarter had only $2.24 billion.
We saw lower volumes earlier in July, but despite this, NFT transactions grew big time.
CryptoSlam reported 9.9 million transactions in July, a 73% increase from June’s 5.7 million. More trading, but cheaper prices.
The future of NFTs
Web3 industry professionals remain hopeful about NFTs, btw. SuperRare co-founder Jonathan Perkins shared that NFTs are still a powerful token standard with unchanged utility for the users.
CryptoSlam founder Randy Wasinger added that NFTs aren’t dead and will remain as part of the digital asset landscape for a long time.
He noted that while some NFT applications from previous hype cycles might not return, this doesn’t signal the end for NFTs.
Certain use cases, like picture-for-profile, the PFP NFTs, may not regain their former popularity, because they’re just jpeg images, after all.
But stronger Web3 applications will likely need NFTs, for example gaming assets, passcards, etc.
Wasinger believes use cases will continue to evolve positively, with transaction volumes possibly increasing steadily, even if large sales numbers don’t return soon.
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