PANews reported on July 1 that according to Crypto Potato, Cryptoslam data showed that compared with the first quarter of 2024, the monthly transaction volume of the NFT market decreased significantly in the second quarter, with sales falling by 45% month-on-month. In the first quarter of 2024, the total sales volume of the NFT market exceeded US$4.1 billion, a significant increase from US$2.9 billion in the first quarter of 2023. However, in the second quarter of 2024, there was a significant decline in NFT trading volume, with quarterly trading volume of approximately $2.28 billion, the lowest level since the third quarter of 2023. According to analysis, the continued turmoil in the Bitcoin market is the main reason for the decline in NFT trading volume.
In addition, the average selling price of NFTs also dropped significantly in June, from $193 in March to $78, a drop of 60%. As of June 28, sales volume was approximately $419 million, and June is expected to be the lowest sales month since October 2023. Sales in May were slightly over $616 million, down more than 50% from $1.2 billion in April. Not only are sales volumes declining, but other indicators such as the number of sellers and buyers are also declining. In the first quarter, there were approximately 2,238,925 sellers and 3,316,014 buyers. In the second quarter, the number of sellers and buyers was 1,785,367 and 3,300,566, respectively, a slight decrease from the first quarter.
It is worth noting that despite the challenges faced by the NFT market, it still achieved significant milestones in 2024, such as total Solana-based NFT sales surpassed $5 billion on February 23, in addition, earlier this month, and The Bitcoin-based NFT climbed to third place in all-time sales, surpassing the Ronin network.