The volume of NFTs was $2.9 billion in the fourth quarter of 2023.
Moreover, the average value of an NFT transaction fell 59% from March to June.
In tandem with the crypto market decline, the sales volume of non-fungible tokens (NFTs) fell by 45 percent from the previous quarter.
NFT sales continued their increasing trend from the fourth quarter of 2023, reaching $4.1 billion in the first quarter of 2024, according to statistics from CryptoSlam. The volume of NFTs was $2.9 billion in the fourth quarter of 2023. The bearish trend is occurring since market watchers are pessimistic about Bitcoin (BTC), a dominant player in the NFT industry.
The second quarter of 2024 witnessed a sharp drop in NFT sales volumes, after a rising trend in Q1. With a volume of $2.24 billion, NFTs had their worst quarter since Q3 2023. When compared to the prior quarter, this is a reduction of 45 percent.
Ongoing Struggle Continues
The average value of an NFT transaction fell 59% from March to June, making it a particularly bad month for NFTs. The number of NFT transactions is also expected to reach its lowest point since March 2021 in June.
There will be fewer unique sellers and the lowest sales volume since October 2023 in this month as well. It might be a sign that NFT collectors are choosing to sit on their assets during these market downturns.
A pessimistic forecast for the Bitcoin market has coincided with a drop in NFT trading activity. On June 24, experts predicted that Bitcoin’s price may go as low as $50,000, pointing to further serious downward trends in the market. Some analysts have speculated that the U.S elections and the subsequent Consumer Price Index (CPI) might have a dampening effect on prices in 2024.
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