Cryptoslam data shows the initially strong NFT market is now experiencing a decline, including sales volume, sellers and unique buyers. The volatile Bitcoin market is being blamed for this drop in NFT volume. 😓

NFT sales volume in Q2 fell 45% compared to the previous quarter. Total sales volume in the NFT market in Q1 2024 exceeded $4.1 billion, but in Q2 2024, NFT volume dropped drastically, recording a quarterly volume of around $2.28 billion.

The average selling price for NFTs also fell, from $193 in March to $78, a drop of about 60%. Sales volume in June was around $419 million, making June potentially the lowest sales value since October 2023.

It's not just sales volume that's declining, but also other metrics such as unique sellers and buyers. The number of unique sellers and buyers in Q2 fell slightly compared to Q1.

However, despite the significant decline, NFTs reached an important milestone in 2024. Solana-based NFTs surpassed $5 billion in all-time sales volume on February 23. Bitcoin-based NFTs move to third place for all-time sales volume.

This NFT market decline coincides with Bitcoin's bearish trend; After peaking in March 2024, Bitcoin struggled to recover, dropping as low as $57,000. Currently, Bitcoin is worth $61,327, with experts advising to accumulate this cryptocurrency with caution.

What do you think about this decline? Come on, discuss it in the comments column! 💬