July sees a potential record low NFT sales, with month-to-date volumes at $393M.
Despite the downtrend, July’s NFT transactions increased by 73% compared to June.
Experts believe NFTs will persist, with new use-cases driving future growth.
Monthly non-fungible token (NFT) trading volumes are dwindling to their lowest point since November 2023, according to data. Insights from NFT tracker platform Cryptoslam show that digital collectibles have recorded $393 million in sales month-to-date. This figure suggests the asset class may experience its lowest sales in July, considering its daily trading volume of less than $14 million.
In the previous month, the NFT market posted sales totaling $450 million, a record low since 2023. Digital collectibles have experienced a sustained downward trend since the second quarter of 2024, dropping by 45% from Q1, from $4.1 billion to $2.24 billion.
Despite the downtrend in July, NFTs saw an increase in trading volume compared to June. Per CryptoSlam data, 9.9 million NFT transactions occurred in July, representing a 73% increase from last month’s record of 5.7 million.
However, market professionals remain optimistic that the sector will rebound. SuperRare co-founder Jonathan Perkins explained that the utility of NFTs and their powerful token standard remain intact despite current challenges.
CryptoSlam founder Randy Wasinger shared a similar outlook, saying that NFTs are “here to stay” despite the current market trend.
“I certainly wouldn’t say NFTs are dead. In fact, I would say that NFTs, just like all digital blockchain assets, are here to stay,” he stated.
Moreover, Wasinger suggests that while some NFT use cases driven by past hype may not return to their former levels, NFTs are not disappearing.
“PFPs [picture-for-profile], for example. I don’t see that ever regaining the volume and adoption level it had a year or two ago,” Wasinger said.
Nonetheless, the CryptoSlam founder believes NFTs will continue to play a role in evolving Web3 applications. He further noted that although large sales volumes may not be immediately apparent, transaction volumes could grow as new use cases emerge.
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