NFT sales plummet
According to CryptoSlam, NFT sales reached $4.1 billion in the first quarter of 2024. The growth trend of $2.9 billion continued in the fourth quarter of 2023, but the momentum was short-lived as sales declined rapidly in the second quarter.
NFT sales volume in the first and second quarters of 2024.
NFT sales have seen a significant downward trend, with the market recording only $2.24 billion in the second quarter. This marked the lowest quarterly volume since the third quarter of 2023 and was a significant 45% decrease from the previous quarter.
June proved to be particularly challenging for NFTs, with average sales down 59% from March. Additionally, transaction volume is expected to be at its lowest level since March 2021, with sales declining and the number of independent sellers declining compared to October 2023.
The decline in NFT activity is closely tied to broader market sentiment toward Bitcoin. With the U.S. election looming and consumer price index and other developing market forces pushing prices lower, analysts predict that Bitcoin could fall to $50,000.
Despite the economic downturn, NFTs achieved notable milestones in 2024. Similarly, Bitcoin-based NFTs have also received great attention. The total transaction volume on June 18 reached $4.27 billion, surpassing the Ronin network and ranking third in historical sales.
The rise of Bitcoin-based NFTs
Bitcoin-based NFTs have also made great strides, with sales reaching $4.27 billion on June 18.
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