Rune

Stats

Alien

<ul class="list-ic vertical"> 
 <li> 1 <a>The NFT sales recorded a gradual drop of over 56% in a month and around 7% in a week.</a> </li> 
 <li> 2 <a>Despite the decline, a few of the NFT projects, including Crazy Hair Cryptopunk, Earth Azuki, and CyberV, performed well.</a> </li> 
 <li> 3 <a>The lack of intrinsic value in many digital assets and market saturation affected the NFT projects’ value.&nbsp;&nbsp;&nbsp;&nbsp;</a> </li> 
</ul> 
The non-fungible tokens (NFTs) market isn’t performing well. A drop of 56% in a month in terms of NFT sales has been documented. The concept of NFT gained hype somewhere in 2021, and after a sudden spike in 2022, the NFT market gradually lowered, hinting at the end of the NFT craze.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
<h2 class="wp-block-heading" id="strong-why-has-the-nft-market-declined-in-the-past-1-month-strong">Why Has the NFT Market Declined in the Past 1 Month?&nbsp;</h2> 
According to CryptoSalm, in May 2024, the NFT marketplace showcased a dismal performance, especially in terms of NFT sales volume. CryptoSlam shared the same news over X.&nbsp;&nbsp;&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 What do you guys think, is it the end or just the calm before the storm? <a href="https://t.co/GBzwdGIz38">https://t.co/GBzwdGIz38</a>— CryptoSlam! (@cryptoslamio) <a href="https://twitter.com/cryptoslamio/status/1796662178616852860?ref_src=twsrc%5Etfw">May 31, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
The tweet mentioned that the cold performance of the NFT market could be an end or just the silence before the storm.&nbsp; 
The NFT global sales volume dropped from $630,191,421.29 on May 1 to $5,627,887.35 at the time of writing, nearly 56% in a month.&nbsp;&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="277" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-3-1024x277.png" alt="NFTs" class="wp-image-207524" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-3-1024x277.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-3-300x81.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-3-768x208.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-3-1536x416.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-3-750x203.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-3-1140x309.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-3.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
Monthly NFT Sales Volume I Source: Cryptosalm 
A sudden drop in unique buyers and sellers could be one of the major reasons behind the sales drop. The unique buyers shortened from 1,166,930 in May to 15,854 on June 1. Similarly, unique sellers dropped from 688,197 on May 1 to 12,581 at the start of June.&nbsp;&nbsp;&nbsp; 
The reduced engagement of NFT enthusiasts with the NFT projects affects NFT marketplace performance. Furthermore, the lack of intrinsic value in many digital assets and market saturation impacted individuals’ interest in NFT projects.&nbsp;&nbsp;&nbsp;&nbsp; 
At the press time, NFTs hold a market cap of $72,627,558,329 and $16,085,286 in 24-hour trading volume, as per CoinGecko data.&nbsp;&nbsp;&nbsp;&nbsp; 
<h3 class="wp-block-heading" id="strong-which-nfts-are-doing-well-in-the-hard-times-strong">Which NFTs are Doing Well in the Hard Times&nbsp;</h3> 
A few NFT projects, including Crazy Hair Cryptopunk, Earth Azuki, and Cyber, saved NFTs’ position and value in the market. Stats, a Chief Chart Officer at Memeland, took to X to share some Top <a href="https://www.thecoinrepublic.com/2024/05/28/ethereum-pumped-up-40-this-month-fueled-by-spot-etf-approval/" target="_blank" rel="noreferrer noopener">Ethereum</a> (ETH) NFT sales in the past 24 hours.&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 Some top ETH NFT sales, past 24 hours: 1) Crazy Hair Cryptopunk: 38 ETH 2) Dagger BAYC: 18.1 ETH 3) Earth Azuki: 13.25 ETH 4) Alien Milady: 10 ETH <a href="https://t.co/mhRJGQ2qbl">pic.twitter.com/mhRJGQ2qbl</a>— Stats (@punk9059) <a href="https://twitter.com/punk9059/status/1796765001010802927?ref_src=twsrc%5Etfw">June 1, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>&nbsp;&nbsp;
</center> 
Based on the tweet, Crazy Hair Cryptopunk, with a current floor price of 38 ETH; Dagger BAYC, with 18.1 ETH; Earth Azuki, with 13.25 ETH; and Alien Milady, with 10 ETH are some top-performing NFTs.&nbsp;&nbsp; 
According to Coingecko, Runestone, Pixelmon, and Rune Pups are some trending NFT projects.&nbsp;&nbsp; 
<h3 class="wp-block-heading" id="strong-upcoming-nft-projects-to-look-at-in-2024-strong">Upcoming&nbsp; NFT Projects to Look at in 2024&nbsp;</h3> 
Despite the decline, the NFT marketplace is continuously introducing new projects to regain its momentum in the upcoming years.&nbsp; 
As per the NFT Stats data, on August 17, 2024, the NFT marketplace will introduce the MetaMetals NFT Project with a total supply of 1000 and a minting price of less than 0.5 ETH. 
Furthermore, DefiOlio is one of the recent launches in the NFT market, holding a total supply of 500 items and a minting price of around $300. &nbsp;

Over 56% Drop Recorded in NFT Sales; Is NFTs’ End Game Near?

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