The monthly NFT sales experienced a significant decline in August 2024, falling to $374 million, the lowest this year.
Non-fungible token (NFT) sales saw a monthly volume of $374 million in August, continuing their downward trend and marking the lowest sales month of 2024.
This is the first time this year that the volume of digital collectibles has fallen below $400 million.
According to data from NFT tracker CryptoSlam, NFT sales in August 2024 amounted to $374 million.
This figure represents a 76% decline compared to their highest monthly sales of $1.6 billion in March 2024.
NFT Monthly Sales Volume Continues Its Decline
NFTs had a strong start to 2024, with a total sales volume of $4.1 billion in the first quarter.
However, this momentum did not last, as sales volume dropped to $2.24 billion in the second quarter of 2024, reflecting a 45% decline from the previous quarter.
Despite a surge in weekly sales during the last week of August, NFTs have been unable to reverse the consistent decline that began in April when sales fell to $1.2 billion.
This was followed by a steeper drop, with monthly volumes reaching $598 million in May.
In July, NFTs recorded a sales volume of $427 million. While this figure indicates a lower monthly sales volume, July actually saw an 87% increase in NFT transactions, rising from 5.7 million in June to 10.7 million in July.
In August, NFTs had a total of 7.3 million transactions, a 31% decrease from the previous month.
However, the average value of an NFT sale rose by 27%, increasing from $39.93 to $50.74. Just two days into September, the average NFT sales price had risen further to $86.04 per transaction.
Speculative Capital Shifts from NFTs to Memecoins
In a previous statement to Cointelegraph, Solo Ceesay, co-founder and CEO of social wallet Calaxy, noted that speculative capital has shifted towards memecoins in this cycle.
Ceesay believes that the market is transitioning from NFTs into memecoins.
On August 19, the previously most expensive CryptoPunk was quietly moved to a different wallet. Ceesay suggests that the former owner of this high-value NFT likely transferred their capital into memecoins.
