{"id":92042,"date":"2024-09-02T09:07:43","date_gmt":"2024-09-02T13:07:43","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=92042"},"modified":"2024-09-02T09:09:13","modified_gmt":"2024-09-02T13:09:13","slug":"monthly-nft-sales-drop-below-400m-yearly-low","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/monthly-nft-sales-drop-below-400m-yearly-low\/","title":{"rendered":"Monthly NFT Sales Drop Below $400M, Hitting Yearly Low"},"content":{"rendered":"\n

The monthly NFT sales<\/a> experienced a significant decline in August 2024, falling to $374 million, the lowest this\u00a0year.<\/p>\n\n\n\n

\"Monthly<\/figure>\n\n\n\n

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. <\/p>\n\n\n\n

This is the first time this year that the volume of digital collectibles has fallen below $400 million.<\/p>\n\n\n\n

\"Monthly
NFTs\u2019 highest monthly sales versus lowest monthly sales in 2024. Source: CryptoSlam<\/em><\/figcaption><\/figure>\n\n\n\n

According to data from NFT tracker CryptoSlam\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, NFT sales in August 2024 amounted to $374 million. <\/p>\n\n\n\n

This figure represents a 76% decline compared to their highest monthly sales of $1.6 billion in March 2024.<\/p>\n\n\n\n

NFT Monthly Sales Volume Continues Its Decline<\/h2>\n\n\n\n

NFTs had a strong start to 2024, with a total sales volume of $4.1 billion in the first quarter. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

This was followed by a steeper drop, with monthly volumes reaching $598 million in May.<\/p>\n\n\n\n

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<\/a>, rising from 5.7 million in June to 10.7 million in July.<\/p>\n\n\n\n

In August, NFTs had a total of 7.3 million transactions, a 31% decrease from the previous month. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Speculative Capital Shifts from NFTs to Memecoins<\/h2>\n\n\n\n

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. <\/p>\n\n\n\n

Ceesay believes that the market is transitioning from NFTs into memecoins.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The monthly NFT sales experienced a significant decline in August 2024, falling to $374 million, the lowest this\u00a0year. 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 […]<\/p>\n","protected":false},"author":56,"featured_media":92044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21,11409],"tags":[202,387,147],"class_list":["post-92042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-nfts","tag-blockchain","tag-data","tag-nft"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/Monthly-NFT-Sales-Drop-Below-400M-Hitting-Yearly-Low.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92042","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\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=92042"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/92042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/92044"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=92042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=92042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=92042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}