NFT Market Faced a Significant Decline in Monthly Volumes During Q2 2024 Compared to Q1; Sales Volumes Dropped by 45% Quarter-on-Quarter

Cryptoslam data reveals a sharp decline in the NFT market, impacting sales volumes, unique sellers, and buyers. The recent bearish trend in Bitcoin markets is partly to blame.

The NFT market experienced a downturn in Q2 2024, with a sharp decline in sales volumes compared to Q1. According to Cryptoslam data, NFT sales dropped by 45% quarter-on-quarter.

After reaching over $4.1 billion in Q1 2024, up from $2.9 billion in Q1 2023, NFT sales fell to approximately $2.28 billion in Q2 2024, marking the lowest sales since Q3 2023.

As of June 28, sales volumes reached about $419 million, indicating that June is set to record the lowest sales values since October 2023.

The average sale price of NFTs also declined significantly, dropping from an average of $193 in March to $78 in June, indicating a decrease of about 60%.

This downturn coincides with a bearish trend in Bitcoin markets, with BTC prices dropping to as low as $57,000 during this period. At the time of this report, Bitcoin is priced at $62,701, with experts advising cautious accumulation.

The NFT market decline is also evident in the decreasing numbers of unique sellers and buyers. In Q1, there were about 2,238,925 unique sellers and 3,316,014 unique buyers. In Q2, those numbers decreased to 1,785,367 and 3,300,566, respectively.

Despite the overall decline, Solana-powered NFTs achieved a significant milestone with over $5 billion in total sales by February 23. Additionally, Bitcoin-backed NFTs climbed to third place in overall sales, overtaking the Ronin network.

Collectively, NFTs had a strong presence in 2024, with memecoins also making headlines. A recent surge in celebrity, political, and animal-themed memecoins, along with the broader crypto market downturn, contributed to a 44% fall in NFT sales during Q2.

This correlation is highlighted by the investment chief at Apollo Crypto. Data from CryptoSlam shows NFT sales declining from $4.14 billion in Q1 to $2.32 billion in Q2. Meanwhile, memecoins continue to see massive trading volumes, with $3.4 billion in the last 24 hours alone, according to CoinGecko.

PolitiFi memecoins linked to the United States presidential election and new celebrity tokens on Ethereum and Solana fueled this trend. Notably, MAGA (TRUMP) and Pepe memecoins saw price increases in the second quarter.

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