Cryptoslam data reveals a significant downturn in the NFT market during Q2 2024, with sales volumes dropping by 45% quarter-on-quarter from a high of $4.1 billion in Q1. The number of unique sellers and buyers also saw a slight decrease. This decline has been attributed to the ongoing bearish trend in Bitcoin markets.

Despite the downturn, the NFT market has achieved notable milestones. Solana-based NFTs surpassed $5 billion in all-time sales volume in February, and Bitcoin-based NFTs moved into the third position for all-time sales volume, surpassing the Ronin network.

As of now, Bitcoin is priced at $61,327. Experts advise cautious accumulation of the cryptocurrency, indicating a positive outlook on the market despite current challenges. The resilience of the NFT market amidst these conditions underscores the potential for recovery and growth.