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
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.
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%.
Web3 professionals continue to view NFTs as valuable token standards, with their utility remaining intact despite the current market challenges.
The great cycle of the crypto market cycle will surely merge into the global mainstream financial market, be closely integrated with the new round of technological innovation narratives, and be interoperable with mainstream financial assets. This is a new era.
JinseFinanceTo say the past few months have been utter chaos in Web3 would be a massive understatement.
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