NFT Market Hits 2024 Monthly Low with $374 Million in August Sales

• As of this year, digital collectibles have never before achieved a monthly volume below $400M.
• The monthly volume in August is 76% lower than its monthly yearly high.

The monthly volume of sales for non-fungible tokens (NFTs) continued its downward trend in August, reaching $374 million, the lowest monthly sales volume of 2024. As of this year, digital collectibles have never before achieved a monthly volume below $400 million.

The digital collectibles market was worth only $374 million in August 2024, according to data from NFT tracker CryptoSlam. The monthly volume in August is 76% lower than its monthly yearly high of $1.6 billion in March of 2024.

Steadily Declining

With a total of $4.1 billion in revenue, NFTs had a successful first quarter of 2024. Digital collectibles, however, were unable to maintain the trend, and overall sales fell to $2.24 billion in Q2, a 45% reduction from Q1.

Sales for NFTs have been steadily declining since April, when they fell to $1.2 billion, notwithstanding a spike in the last week of August. After that, in May, when monthly volumes of NFTs reached $598 million, there was an even greater decline. 

There were $427 million in sales for NFTs in July. Nevertheless, NFT transactions increased by 87% in July, even if monthly sales volumes were lower than expected. In July, there were 10.7 million NFT transactions, up from 5.7 million in June, according to the data.

The overall number of NFT transactions in August was 7.3 million, down 31% from the previous month. In contrast, the average NFT sale was worth $50.74, a 27% increase from $39.93. The average selling price for NFTs rose to $86.04 only two days into the month of September.

Memecoins have allegedly been a beneficiary of this cycle’s speculative capital. Memecoins are replacing NFTs as the more preferred investment by investors.

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