There has been a big drop in the buying and selling of nft again in June 2024. nft sales have dropped sharply, by 42.04% compared to last month.
However, the price of bitcoin (btc) has also been falling lately, similar to what is happening with nfts. bitcoin reached its highest price ever ($73k) in March 2024, but has not yet been able to climb back up to that price. Right now, bitcoin is trading around $56.5k, according to bitcoin/” data-wpel-link=”external” target=”_blank” rel=”nofollow external noopener noreferrer”>CoinMarketCap.
This report will delve into these changes, analyze the best-selling nft collections, highlight the leading blockchains by nft sales volume, and provide insight into what the future may hold for the nft market.
Highlights for June 2024:
- The nft market experienced a sharp 42.04% drop in sales volume in June 2024, totaling $466 million, accompanied by declines in nft buyers, sellers, and transactions.
- Despite the overall market decline, the $Pizza BRC-20 nft collection on the bitcoin blockchain led sales with a trading volume of $30.29 million, while other top collections such as CryptoPunks and Bored Ape Yacht Club experienced varying levels of success.
- ethereum remained the dominant blockchain for nft sales, achieving over $150 million in sales volume, but it also witnessed a 38.36% decline compared to the previous month.
nft Market Overview (June 2024)
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According CryptoSlam DataThe global nft market size is $61.44 billion. In June 2024, the nft market experienced a significant decline in activity. Sales volume dropped sharply by 42.04% over the past 30 days, totaling $466,832,260. This decline is very noticeable compared to previous months and reflects a broader market trend.
Additionally, there was a slight decrease in the number of nft buyers by 4.04% and a more considerable drop in the number of sellers by 12.18%. The number of nft transactions also fell sharply by 43.73% over the past 30 days.
In addition, many popular nft collections have become cheaper. Some of these collections have lost more than 20% of their value.
The best-selling collections in June 2024
Best-selling collections in June 2024. Source: CryptoSlam
Several nft collections stood out in June 2024, despite the overall market decline. Here are the top nft collections by sales volume:
1. $PIZZA BRC-20 nft
The $Pizza nft collection, created on the bitcoin blockchain using the BRC-20 protocol, has been the best-selling nft collection this month. Over the past 30 days, the $Pizza BRC-20 nft collection has reached a trading volume of $30.29 million.
2. DMarket nft Collection
MarketD is a collection of nfts hosted on a Mythos Chain network. It is a platform that contains virtual items from the game. This collection has reached the position of the second best-selling nft collection this month.
Over the past 30 days, DMarket nfts have generated a sales volume of $18.2 million. However, it should be noted that this trading volume represents a 21.2% decrease compared to the previous month.
3. Cryptopunks
Cryptopunks CryptoPunks are one of the first nft projects, launched by Larva Labs in 2017. They consist of 10,000 unique 24×24 pixel characters and have become iconic in the nft community. CryptoPunks are highly valued and have seen significant sales in the past 30 days with a volume of over $15 million. Sales are also down 3% in the past month.
4. Bored Ape Yacht Club
Bored Ape Yacht Club (BAYC) is a popular nft collection created by Yuga Labs. It features 10,000 unique avatars of cartoon apes, each with distinctive features and accessories. BAYC has gained substantial attention and value in the nft market, with many celebrities among its owners.
Over the past 30 days, the Bored Ape Yacht Club nft collection has reached $12.7 million in commercial sales. This is a 9% increase compared to the previous month.
5. Chubby Penguins
Chubby Penguins are a collection of 8,888 unique cartoon penguins living on the ethereum blockchain. Each penguin has different accessories and colorful features. Launched in July 2021, the collection is known for its positive vibes and aims to empower its community through exclusive events and experiences.
As of June 2024, the Pudgy Penguins nft collection has a total trading volume of $11.4 million. During this period, its sales volume has increased by 118% compared to the previous month.
Top blockchains by nft sales volume
Over the past 30 days, several blockchains led the nft market in terms of sales volume. Below is a detailed overview of the best performers:
- ethereum:ethereum, known for its cryptocurrency Ether and its dominance in the nft market, has been the most traded blockchain network this month. It powers many top-tier non-fungible token collections. It remains the dominant blockchain for nft sales, with a total sales volume of over $150 million. The total volume is down 38.36% compared to last month. ethereum also had over 34,000 unique buyers, down 8.11% from May 2024.
- bitcoin:bitcoin, famous for hosting the Runes and Ordinals collections, has been the second most traded blockchain in the nft ecosystem this month, with total sales of $104 million. Like ethereum, volume has fallen by more than 49% since last month.
- Polygon:Polygon, being the layer 2 solution, also recorded $76 million in nft sales and became the third largest blockchain by sales volume.
- SolariumSolana, which is best known for memecoin trading today, continued to show a strong performance with $73 million in nft sales. Solana had the most buyers among major blockchains, with 56,287 buyers.
Top blockchains by nft sales volume. Source: CryptoSlam
What can we expect next month?
In the next month, a few things could affect the growth of the nft market. The overall sentiment in the broader crypto market (positive or negative) and the economy at large will be important. If the entire crypto market recovers, nft sales and trading could pick up again. But if things stay as they are, the market could fall even further.
Additionally, if new and exciting nft projects emerge, that could attract more buyers and sellers, which could liven up the market. It's important to keep an eye on these things to see how they affect nfts.
Conclusion
June 2024 was a challenging month for the nft market, with a significant drop in sales volume, buyers, sellers, and transactions. Despite this drop, several top-selling collections and blockchains maintained their positions, highlighting the market’s resilience and adaptability.
When looking into the future of the nft market, several factors will shape the trajectory of the market, including economic conditions, market sentiment, and new innovations in the nft market.
