NFT Market Faces Severe Decline in August
The NFT market experienced a tough August, continuing the downturn from July. After a notable 36.6% drop in July, NFT sales fell an additional 41.36% in August, totaling approximately $376.30 million.
The August slump saw a decrease in both buyers and sellers, with buyers down by 29.04% and sellers reducing by 17.02%. The total number of NFT transactions also dropped sharply, down 50% from the previous month, reaching around 7.45 million.
Among the top blockchains for NFT sales, four out of five showed a decline, with only Mythos seeing an increase. Mythos grew its sales by 14.31%, contrasting with the downward trends seen on Ethereum, Solana, Bitcoin, and Polygon. Ethereum led the sales with $129 million but suffered a 37.53% drop. Solana followed with $78.94 million, reflecting a 35.54% decrease, while Bitcoin NFTs saw a steep 50.58% drop to $57.65 million. Polygon also faced a significant reduction of 52.24%, with sales totaling $36.44 million.
In contrast, Mythos saw a bright spot with its Dmarket collection, which led the market with $20.28 million in sales, up 17.45% from July. Ethereumâs Cryptopunks collection surged by 139.41%, bringing in $18.53 million. The Guardians Guild Immutable collection earned $14.55 million, marking a 110% increase. Other top performers included Sorare with $13.32 million and Bored Ape Yacht Club with $11.47 million in sales.
The most expensive NFT in August was an unrubbed room, fetching $2.4 million. Notably, an Ethereum Bored Ape Yacht Club NFT sold for $342,542. High-value NFTs from Arbitrum, BNB, and Ronin also made headlines.
With ongoing pressure on the NFT market, predicting future trends remains challenging. The last couple of months have been particularly brutal, casting uncertainty on the marketâs near-term recovery. $BTC $ETH $BNB
