The non-fungible token industry remained under pressure in August as sales continued to decline.
Total nft sales fell 41% in August to $376 million as the number of buyers and sellers fell by double digits.
Data from CryptoSlam shows the number of buyers fell 29% to 127,913, while the number of sellers fell 17% to 93,600.
Additionally, total nft transactions decreased by 50% to 7.4 million, indicating that demand for these assets has decreased.
At the peak in January 2022, total monthly sales It was more than 6.5 billion dollars While the number of unique buyers and sellers stood at over 1.5 million and over 1 million.
<img loading="lazy" decoding="async" width="3620" height="800" src="https://crypto.news/app/uploads/2024/09/nft-volume.jpeg” alt=”nft sales volume”/>
ethereum (eth) maintained its lead as the most popular chain for nft traders, handling over $129 million in August, down 38% from the previous month.
Next was Solana (SOL), which managed $78.9 million. bitcoin nft sales fell 50% to $57 million, while Polygon (MATIC) fell 52% to $36 million.
Mythos Chain saw an improvement in August, achieving sales of $20 million, up 14% from the previous month. Mythos was led by DMarket, whose sales increased by 17% during the month.
Some of the most popular nfts have seen their valuation and sales drop in recent years. For example, Bored Ape Yacht Club has gone from having a monthly fee sales value over $50 million in 2022 to just $11 million in August.
This sharp drop in monthly nft volume has affected both investors and marketplaces like OpenSea and Rarible. Data from Dune Analytics shows that OpenSea’s monthly volume in July was just $32 million, down from $641 million in January last year.
<img loading="lazy" decoding="async" width="2408" height="994" src="https://crypto.news/app/uploads/2024/09/OpenSea-volume.jpeg” alt=”OpenSea Monthly Volume”/>
Other nft marketplaces like Blur, Magic Eden, and SuperRare have also seen weak volume and users in recent months.
nft sales have fallen due to falling prices. CryptoPunks, the largest nft collection, has a minimum price of $88,839, a 52% drop from the same period in 2023. Bored Ape Yacht Club’s minimum price has fallen 70% over the past 12 months to $29,593, while Azuki has fallen 20%.
The biggest gainers in the same period were Pudgy Penguins and Milady, whose minimum prices rose by 166% and 121% respectively.
