News on July 1, according to Crypto Potato, Cryptoslam data showed that compared with the first quarter of 2024, the monthly trading 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 US$193 in March to US$78, a drop of 60%. As of June 28, sales volume was approximately US$419 million, and June is expected to become the first year since 2023. The lowest sales volume since October. Sales in May were slightly more than $616 million, down more than 50% from $1.2 billion in April. Not only are sales declining, but other indicators such as the number of sellers and buyers are also declining. There were approximately 2,238,925 sellers and 3,316,014 buyers in the first quarter. 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.