In July 2024, the nft market experienced a significant decline. Despite positive news in the sector, nft sales volume fell by 36%. This decline is evident in recent cryptocurrency market data. The drop shows a market struggling to maintain its previous momentum.
Last week, Luca Netz, creator of Pudgy Penguins, announced that he had raised $11 million for the Abstract L2 network. Pudgy Penguins aims to be the mascot of the entire crypto world. In addition, Doodles released Dullsville and the Doodleverse trailer. Next, they launched Doodles TV and Doodles Records. These developments excited the nft community, but did not prevent the general decline.
Source: x
Earlier this month, Yuga Labs launched Project Dragon. This multiplayer game involves thousands of players in a third-person shooter format. Despite some gameplay issues, it was well received. Project Dragon will be released again next month, adding more excitement to the nft space.
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Global nft Market Overview
Despite the positive news, the global nft market has seen a decline in sales volume. Data from CryptoSlam.io shows a 36% decline, with sales volume at $431 million in July. The number of investors buying nfts has also declined, with nearly 1 million crypto traders involved, down 32% from the previous month.
Source: Cryptoslam
ethereum remains the most traded blockchain
ethereum remains the leading blockchain in the nft market. Over the past 30 days, ethereum-based nfts generated $132 million in sales, reflecting a 41% drop from the previous month.
Source: Cryptoslam
Solana and bitcoin Follow
Solana was the second most traded blockchain. nft collections on Solana generated $98 million in July, a 4.65% decrease from June. bitcoin, which powers the Runes, Ordinals, and BRC-20 nft collections, was the third most traded blockchain with $74 million in sales, a 53% decrease from the previous month.
Polygon and other blockchain networks
ethereum-scaling Polygon ranked fourth in nft trading with $45 million in sales, marking a 31% decrease from June. Immutable x and Mythos Chain, both layer-2 networks for web3 games on ethereum, were the fifth and sixth most traded. Immutable x-based nfts saw $20 million in sales, a 74% increase, while Mythos Chain-based nfts raised $17 million, a 10.74% decrease.
nft Market Prediction for August 2024
The cryptocurrency and nft sectors received a boost in the wake of recent events such as the bitcoin Conference and Inscribe Nashville. Predictions from prominent figures suggest a bullish trend. Donald Trump speculated that bitcoin’s market cap could surpass gold, while Senator Cynthia Lummis proposed that the US government own 5% of the total bitcoin supply.
In short, while the nft market faced a challenging July, promising developments and predictions suggest a potentially strong rebound in August.
