Global Crackdown on Crypto Fraud: From UK Hacker Sentenced to U.S. Schemes and Global Alerts
July 29, 2024
Trump’s Vision for U.S. Bitcoin Holdings and Controversies Surrounding It
July 29, 2024NFTs Face Potential Low Sales Volume for July 2024 Amidst Declining Trend
NFT
As of July 29, 2024, the world of non-fungible tokens (NFTs) is witnessing a significant downturn in sales. According to data from CryptoSlam, the monthly sales volume of NFTs has dipped to $393 million. With daily trading volumes falling below $14 million, July is on track to become the lowest or second-lowest month for NFT sales this year.
The decline in NFT sales volume is not an isolated incident. In June 2024, the sales volume hit a five-month low, recording only $450 million. This was the lowest monthly figure for NFTs since November 2023, marking a notable shift from the previous high volumes.
The Ongoing Downward Trend
The NFT market has been experiencing a downward trend since the second quarter of 2024. Data reveals a 45% quarter-on-quarter decline, with sales dropping from $4.1 billion in the first quarter to $2.24 billion in the second quarter. This consistent decline highlights a broader trend affecting the NFT market.
Despite the drop in sales volume, July saw a notable increase in transaction activity. CryptoSlam reports that there were 9.9 million NFT transactions this month, a remarkable 73% increase from June’s 5.7 million transactions. This surge suggests that while individual sales may be down, overall transactional activity remains robust.
Despite the downturn, optimism remains among Web3 professionals. Jonathan Perkins, co-founder of SuperRare, emphasizes that NFTs continue to be a powerful token standard with enduring utility. He believes that NFTs are far from obsolete and will persist in the digital landscape.
Insights from CryptoSlam’s Founder
Randy Wasinger, founder of CryptoSlam, also reassures that NFTs are not disappearing. In an interview with Cointelegraph, Wasinger stated, “I certainly wouldn’t say NFTs are dead. In fact, I would say that NFTs, just like all digital blockchain assets, are here to stay.” He acknowledges that while some NFT use cases, like profile picture projects, may not regain their former prominence, the sector as a whole will continue to evolve.
Wasinger anticipates that NFTs will play a crucial role in emerging Web3 applications. Although he does not expect a return to the high sales volumes seen in the past, he foresees a shift towards increased transaction volumes and evolving use cases in the future.
The NFT market is navigating a period of lower sales volumes and shifting trends. While July 2024 may mark one of the lowest sales months this year, the increase in transaction activity and continued optimism from industry experts suggest that NFTs will persist and adapt in the evolving digital landscape.
