Data from Cryptoslam indicates that the initially strong nft market is now registering downward momentum, having declined across critical metrics including sales volumes, unique sellers, and buyers.
The current crisis that the bitcoin markets are going through has been considered the cause of the decrease in nft volume.
nft volume continues to decline
According data According to Cryptoslam, the nft marketplace saw a significant decline in monthly volumes during Q2 compared to Q1 2024. Sales volumes in Q2 fell 45% QoQ.
In the first quarter of 2024, total sales volumes in the nft market exceeded $4.1 billion, a substantial increase from the $2.9 billion recorded in the first quarter of 2023. However, in the second quarter In 2024, nft volumes saw a significant drop, reporting a quarterly volume of approximately $2.28. billion, the lowest since the third quarter of 2023.
According to the data, June saw a significant decline in the average selling price of nfts, from $193 in March to $78, a reduction of approximately 60%. By June 28, sales volumes were around $419 million, putting June on track to record the lowest sales values since October 2023.
In May, sales volumes were just above $616 million, representing a drop of more than 50% from April's $1.2 billion.
It's not just sales volumes that are declining, but also other metrics such as unique sellers and buyers. In Q1, there were around 2,238,925 unique sellers and the number of unique buyers was 3,316,014. In Q2, the number of unique sellers and buyers was 1,785,367 and 3,300,566, slightly lower than in Q1.
nft Milestones Amid bitcoin Slowdown
Despite a significant downturn, nfts have achieved notable milestones in 2024. As CryptoPotato reported, Solana-based nfts surpassed $5 billion in all-time sales volume on February 23.
Additionally, bitcoin-based nfts moved into third place in all-time sales volume earlier this month, surpassing the Ronin network.
This nft market crash has coincided with bitcoin’s bearish trend; after peaking in March 2024, bitcoin has struggled to regain its highs, falling as low as $57,000. At the time of this report, bitcoin is priced at $61,327, with experts advising cautious accumulation of the cryptocurrency.
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