The NFT market is cold. Sales fell 45% in the second quarter.
The NFT market is cold. Sales fell 45% in the second quarter.
The NFT market is cold. Sales fell 45% in the second quarter.
In the second quarter of 2024, the NFT (non-fungible token) market experienced a significant cooling, with sales falling sharply by 45%. This trend echoes the bear market trend of the cryptocurrency leader Bitcoin. According to CryptoSlam, NFT sales fell to $2.24 billion, the lowest level since the third quarter of 2023.
This is in sharp contrast to the market performance in the first quarter of 2024, when NFT sales reached US$4.1 billion, continuing the growth momentum of US$2.9 billion in the fourth quarter of 2023. However, after entering the second quarter, market enthusiasm cooled rapidly, and investors' desire to buy NFTs decreased significantly.
It is particularly noteworthy that the performance of the NFT market in June 2024 was particularly dismal. The average sales value of NFTs that month dropped by 59% from March, a staggering drop. In addition, June is also expected to be the month with the lowest number of NFT transactions since March 2021, further highlighting the depressed state of the market.
This wave of cooling in the NFT market not only reflects the cooling of investors’ enthusiasm for cryptocurrencies and NFTs, but also exposes the problems of market bubbles and speculation. In the early days of the NFT market, many investors were attracted by its unique artistic value and investment potential and poured into the market. However, as the market matures and supervision strengthens, investors begin to realize the risks of the NFT market and become more cautious about NFT purchases.
In addition, price fluctuations in the NFT market are also affected by the macroeconomic environment. Against the background of increasing global economic uncertainty, investors have reduced their desire to purchase risky assets, which has also led to the cooling of the NFT market.
Regarding the future trend of the NFT market, market analysts generally believe that although the market may continue to be sluggish in the short term, in the long term, the NFT market still has huge development potential. With the continuous advancement of technology and the gradual maturity of the market, the application scenarios of NFT will become more extensive, and its unique artistic value and investment potential will also be recognized by more investors.
