According to Cointelegraph, NFT sales in August were $374 million, the lowest recorded in 2024. This is the first time this year that monthly sales have been below $400 million. Compared with $1.6 billion in March 2024, it has dropped by 76%.
At the beginning of 2024, NFT quarterly sales were $4.1 billion, but fell to $2.24 billion in the second quarter, a 45% drop from the previous quarter. Despite a surge in sales in the last week of August, the overall downward trend has not been reversed.
In July, NFT trading volume was $427 million, and the number of transactions increased by 87% from 5.7 million in June to 10.7 million. In August, the number of transactions was 7.3 million, a decrease of 31%, but the average transaction amount increased by 27%, from $39.93 to $50.74.
According to Solo Ceesay, speculative capital has shifted from NFT to Meme coins. On August 19, the most expensive CryptoPunk was transferred to different wallets, and Ceesay believed that this was to shift capital to Meme coins.
