Trading volume dropped significantly NFT This will happen again in June 2024.
However, the price of Bitcoin (BTC) has also been falling recently, similar to what is happening with NFTs. Bitcoin reached its highest price ever ($73,000) in March 2024, but has yet to recover to that price. According to statistics, Bitcoin is currently trading at around $56,500 coin market cap.
This report will delve into these changes, analyze the best-selling NFT series, highlight the leading blockchains by NFT sales, and provide insights into the future of the NFT market.
Key highlights for June 2024:
- In June 2024, NFT market sales dropped significantly by 42.04%, totaling $466 million, accompanied by a decrease in buyers, sellers, and NFT transactions.
- Despite the overall downturn in the market, the $Pizza BRC-20 NFT series on the Bitcoin blockchain still leads sales with $30.29 million in transaction volume, while other top series such as CryptoPunks and Bored Ape Yacht Club have also experienced varying degrees of success.
- Ethereum remains the dominant blockchain for NFT sales, with sales exceeding $150 million, but with a quarterly decline of 38.36%.
NFT Market Overview (June 2024)
according to CryptoSlam data, the global NFT market size is US$61.44 billion. In June 2024, NFT market activity dropped significantly. Sales volume dropped significantly over the past 30 days by 42.04%, totaling $466,832,260. This decrease is significant compared to previous months and reflects broader market trends.
In addition, the number of NFT buyers dropped slightly by 4.04%, and the number of sellers dropped even more, reaching 12.18%. The number of NFT transactions has also dropped significantly by 43.73% in the past 30 days.
On top of that, many popular NFT lines have become more affordable. Some of the collections have lost more than 20% of their value.
Best Selling Series for June 2024
Best selling series of June 2024.
Despite the overall downturn in the market, some NFT series stood out in June 2024. Here are the top NFT series ranked according to sales volume:
1. $PIZZA BRC-20 NFT
The $Pizza NFT series, created on the Bitcoin blockchain using the BRC-20 protocol, has become the best-selling NFT series this month. The trading volume of the $Pizza BRC-20 NFT series has reached $30.29 million in the past 30 days.
2.DMarket NFT collection
Dee Market It is a collection of NFTs hosted on the Mythos Chain network. It is a platform containing virtual in-game items. This series has achieved the position of the second highest-selling NFT series this month.
In the past 30 days, DMarket NFT transactions reached $18.2 million. But it is worth noting that the transaction volume fell by 21.2% from the previous month.
3. Cryptopunk
Cryptopunk It is one of the first NFT projects launched by Larva Labs in 2017. CryptoPunks is highly valued and has achieved significant sales in the past 30 days, with over $15 million in sales. Sales over the past month were also down 3%.
4. Bored Ape Yacht Club
Boring Ape Yacht Club (BAYC) is a popular NFT series created by Yuga Labs. It features 10,000 unique cartoon ape heads, each with unique features and accessories. BAYC has gained huge attention and value in the NFT market, with many celebrities among its owners.
Over the past 30 days, the Bored Ape Yacht Club NFT series has generated $12.7 million in transaction sales. This represents a 9% increase compared to the previous month.
5. Chunky Penguin
Chunky penguin is a collection of 8,888 unique cartoon penguins living on the Ethereum blockchain. Each penguin has different colorful accessories and features. Launched in July 2021, the series is known for its positive vibe and aims to empower the community through exclusive events and experiences.
In June 2024, the total trading volume of the Pudgy Penguins NFT series was $11.4 million. During this period, their sales increased by 118% over the past month.
Top Blockchains by NFT Sales
Over the past 30 days, multiple blockchains have led the NFT market in terms of sales. Here are the details of the top performers:
- Ethereum: Ethereum, known for its ether cryptocurrency and dominance of the NFT market, was the largest blockchain network by transaction volume this month. It powers many of the top collections of non-fungible tokens. It remains the dominant blockchain for NFT sales, with total sales exceeding $150 million. The total transaction volume decreased by 38.36% compared with the previous month. Ethereum also has over 34,000 unique buyers, a decrease of 8.11% since May 2024.
- Bitcoin: Bitcoin, best known for hosting the Runes and Ordinals series, this month became the second-largest blockchain network in the NFT ecosystem by transaction volume, with total sales of $104 million. Similar to Ethereum, transaction volume has dropped by more than 49% since last month.
- Polygon: Polygon, a Layer-2 solution, also achieved $76 million in NFT sales, making it the third largest blockchain by sales.
- Solana: Solana, now best known for its memecoin exchanges, continues to perform strongly, with NFT sales reaching $73 million. Among the top blockchains, Solana has the highest number of buyers with 56,287 buyers.
Top blockchains ranked by NFT sales. Source: CryptoSlam
What can we expect next month?
In the next month, some things may affect the growth of the NFT market. The overall sentiment of the entire cryptocurrency market (positive or negative) and the overall economy will be important. If the overall crypto market recovers, NFT sales and trading may pick up again. But if things continue this way, the market could fall further.
In addition, if new and exciting NFT projects emerge, it may bring more buyers and sellers, thus activating the market. It’s important to pay close attention to these things to understand how they affect NFTs.
in conclusion
June 2024 was a challenging month for the NFT market, with sales, buyers, sellers, and transaction volumes all declining significantly. Despite the economic downturn, some of the best-selling series and blockchains have held their own, highlighting the market’s resilience and adaptability.
Looking to the future of the NFT market, various factors will determine the trajectory of the market, including economic conditions, market sentiment, and new innovations in the NFT market.
