nft sales volume plummets
nft sales hit $4.1 billion in Q1 2024, according to CryptoSlam. Continuing to trend upward from $2.9 billion in Q4 2023, this momentum was short-lived as Q2 sales fell rapidly.
nft sales in the first and second quarter of 2024. Source: CryptoSlam
The downward trend in nft sales was significant: the market recorded just $2.24 billion in the second quarter. This marks the lowest quarterly volume since Q3 2023, indicating a substantial 45% decline from the previous quarter.
June proved to be particularly challenging for nfts, as the average sale value fell 59% compared to March. Additionally, it is set to have the lowest transaction volume since March 2021, along with declining sales and fewer unique sellers compared to October 2023.
The decline in nft activity correlates closely with the broader market sentiment towards bitcoin. With the upcoming US elections and the Consumer Price Index, as well as other developing market forces driving the price decline, analysts have predicted that bitcoin could drop to $50,000.
Despite the recession, nfts reached notable milestones in 2024. Solana-based nfts, for example, set a new record with historic sales volume reaching $5 billion in February. Similarly, bitcoin-based nfts saw significant traction, securing third place in all-time sales volumes with transactions totaling $4.27 billion on June 18, surpassing the Ronin network.
<span class="ez-toc-section" id="bitcoin-Based_NFTs_Ascend”/>bitcoin-based nfts are on the rise
bitcoin-based nfts also advanced, with a notable sales volume of $4.27 billion recorded on June 18. This achievement propelled bitcoin nfts to third place in all-time sales volumes, surpassing the Ronin network.
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