{"id":82640,"date":"2024-06-26T05:24:27","date_gmt":"2024-06-26T09:24:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82640"},"modified":"2024-06-26T05:24:31","modified_gmt":"2024-06-26T09:24:31","slug":"digital-collectibles-market-drops-45-in-q2","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/digital-collectibles-market-drops-45-in-q2\/","title":{"rendered":"Digital Collectibles Market Drops 45% in Q2"},"content":{"rendered":"\n

NFT sales volume<\/a> dropped 45% in Q2 2024 to $2.25 billion, down from Q1's $4.1 billion, amid Bitcoin's downward momentum.<\/p>\n\n\n\n

\"Digital
Digital Collectibles Market Drops 45% in Q2<\/figcaption><\/figure>\n\n\n\n

In 2024, the sales volume of non-fungible tokens (NFTs)<\/a> decreased by 45% on a quarter-over-quarter basis due to the downward trajectory of the Bitcoin market.

In the first quarter of 2024, NFTs maintained the upward momentum they had acquired from the fourth quarter of 2023, with a total sales volume of $4.1 billion, according to CryptoSlam data. In the fourth quarter of 2023, the volume of NFTs was $2.9 billion.

The downward momentum is a result of analysts' predicted negative outlook for Bitcoin, one of the main leaders in the NFT space.<\/p>\n\n\n\n

NFT sales volumes experienced a substantial decline in the second quarter of 2024, despite an upward trend in Q1. The quarterly volume of digital collectibles was $2.24 billion, the lowest since Q3 2023. This is a 45% decrease from the previous quarter.<\/p>\n\n\n\n

In comparison to March, the average value of an NFT sale decreased by 59% in June, which was also a challenging month for NFTs. Additionally, June is on the brink of recording the lowest number of NFT transactions since March 2021.

The month will also see the lowest sales volume and number of distinct sellers since October 2023. This could suggest that NFT collectors elect to retain their assets during periods of unfavorable prices.<\/p>\n\n\n\n

There is a negative outlook for the Bitcoin market, which is consistent with the decrease in NFT trading volume<\/a>. On June 24, analysts predicted that Bitcoin could potentially decline to $50,000 as a result of emergent price patterns that indicate a more substantial decline.

Markus Thielen, the founder of 10x Research, stated that the price could be adversely affected by the Consumer Price Index and the United States elections later in 2024.<\/p>\n\n\n\n

In 2024, NFTs achieved numerous milestones, despite their downward trend. In February, Solana-based NFTs established a new record for its all-time sales volume. CryptoSlam demonstrated on February 23 that the volume of NFTs on Solana exceeded $5 billion.

In the interim, Bitcoin-based NFTs\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> are also ascending the rankings. NFTs on Bitcoin recorded a volume of $4.27 billion on June 18, securing the third position in the all-time sales volume for NFTs. The Ronin network, which had previously occupied the position, was surpassed by the blockchain.<\/p>\n","protected":false},"excerpt":{"rendered":"

NFT sales volume dropped 45% in Q2 2024 to $2.25 billion, down from Q1’s $4.1 billion, amid Bitcoin’s downward momentum. In 2024, the sales volume of non-fungible tokens (NFTs) decreased by 45% on a quarter-over-quarter basis due to the downward trajectory of the Bitcoin market. In the first quarter of 2024, NFTs maintained the upward […]<\/p>\n","protected":false},"author":36,"featured_media":82647,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[19295,231,9582],"class_list":["post-82640","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft-news","tag-digital-collectibles","tag-market","tag-q2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/nft-report-mercato.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82640"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82647"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}