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Cryptocurrency News Articles
NFT Sales Dropped by 41% in August to $376M as Number of Buyers and Sellers Fell by Double Digits
Sep 02, 2024 at 12:40 am
The non-fungible token industry remained under pressure in August as sales continued falling. Total NFT sales dropped by 41% in August to $376 million as the number of buyers and sellers fell by double digits.
NFT sales declined sharply in August, continuing a trend that began earlier this year.
According to data from CryptoSlam, total NFT sales dropped by 41% in August, reaching $376 million.
This marks a significant decrease from the peak of over $6.5 billion in January 2022.
The number of buyers and sellers also fell sharply, with buyers decreasing by 29% to 127,913 and sellers decreasing by 17% to 93,600.
Furthermore, total NFT transactions declined by 50% to 7.4 million.
Ethereum remained the most popular chain for NFT traders, handling over $129 million in August, a 38% decrease from the previous month.
Solana came in second with $78.9 million, while Bitcoin's NFT sales dropped by 50% to $57 million and Polygon fell by 52% to $36 million.
However, Mythos Chain saw an improvement, handling $20 million in sales, a 14% increase from the previous month, driven largely by DMarket, whose sales rose by 17% during the month.
The sharp decline in NFT monthly volume has impacted both investors and marketplaces.
According to data from Dune Analytics, OpenSea's monthly volume in July was just $32 million, down from $641 million in January last year.
Other NFT marketplaces like Blur, Magic Eden, and SuperRare have also experienced weak volume and users in the past few months.
NFT sales have been affected by the falling prices, with the floor price of CryptoPunks, the biggest NFT collection, dropping by 52% to $88,839 from the same period in 2023.
Bored Ape Yacht Club's floor price has fallen by 70% in the past 12 months to $29,593, while Azuki has fallen by 20%.
The top gainers in the same period were Pudgy Penguins and Milady, whose floor prices jumped by 166% and 121%, respectively.
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