NFT market index falls by 50% in 2024

The global NFT market has dropped by over 50% in 2024. The CryptoSlam 500 NFT Index, which acts as a market proxy, had a YTD decline of almost 1,300 points at press time.

The NFT market has continued to decline in 2024, with the CryptoSlam 500 NFT Index dropping by over 50%. The index, which serves as a proxy for the NFT market, has seen a YTD decline of almost 1,300 points. The index shows a steady decline this year due to reduced demand, lower trading volumes, and shifts in investor interest. The high for the period was above the 2,400 level, and the low is close to 1,160. The current market value is at a year’s low as NFTs have struggled with bearish sentiments since May. The trend line shows that January to March was a quarter of stabilization, but April led to a reversal.

Cryptoslam rankings place Bored Ape Yacht Club (BAYC) on Ethereum second on the list with $3.19 billion in sales, 43,717 transactions, and 6,163 unique buyers. CryptoPunks holds third place here with $2.9 billion in sales across 24,289 transactions and 2,815 buyers on Ethereum.

The practice of creating false demand by trading the same NFT multiple times through wash trading has also seen a 90% decline. However, the overall trade profit for the month has fallen by 34% and is at -$17.5 million.

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