Has NFT been phased out? NFT market sales hit record low again

As of July 29, digital collectibles reached a monthly volume of $393 million, with daily volumes falling below $14 million.

This could mark July as the lowest or second-lowest month for NFTs in 2024. Total sales on July 29 stood at $7,326,693.53, with over 852 million in supply.

The day recorded 23,954 unique buyers and 15,243 unique sellers, indicating that the NFT market remains active.

Source: CryptoSlam

Comparative Analysis

June 2024 witnessed a two-month low with $450 million in NFT sales, the lowest since November 2023.

The second quarter of 2024 experienced a 45% decline in sales volume compared to the first quarter, dropping from $4.1 billion to $2.24 billion.

Despite lower sales volumes, July saw a significant increase in NFT transaction volumes, with CryptoSlam reporting 9.9 million transactions—up 73% from June's 5.7 million.

Key Blockchain Networks

Ethereum remains the leading network, with NFT collections recording $31,476,050 in sales over the past week, despite a slight 0.94% decline.

Solana follows with $22,248,848 in sales, down 16.19%, while Bitcoin-based NFTs saw $16,838,767 in sales, a decrease of 20.80%.

Market Sentiment and Outlook

Web3 professionals continue to view NFTs as valuable token standards, with their utility remaining intact despite the current market challenges.