No land for NFT traders, lowest volumes since last year

-

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.

Have you read it yet? Vaneck: Bitcoin to $2.9 million by 2050


Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Kriptoworld.com accepts no liability for any errors in the articles or for any financial loss resulting from incorrect information.

LATEST POSTS

GUNZ, the newest gaming blockchain

Let me tell you something, there’s a new player in town, and it’s shaking up the gaming world. Meet GUNZ, a Layer 1 blockchain platform...

Uniswap’s hype fades, numbers don’t lie

Uniswap, once the darling of DeFi, is tumbling down the U.S. App Store rankings faster than a meme coin’s lifespan. Just two months ago, it...

Ethereum is at five-year low against Bitcoin

Ethereum’s performance against Bitcoin has hit rock bottom. We’re talking a five-year low here, guyss. The ETH/BTC ratio has sunk to 0.02191, with Ethereum dropping...

Kalshi vs. the States, a battle over betting or business

Guys, grab your popcorn because this legal drama is heating up! Prediction market platform Kalshi has stepped into the ring, suing gaming regulators in Nevada...

Most Popular

Guest posts