Taylor Swift

when

April

Non-fungible tokens (NFTs) sales recorded a $374 million monthly volume in August, continuing a downward trend and recording its lowest monthly sales of 2024. This marks the first time digital collectibles recorded a volume below $400 million this year.&nbsp;
<figure>
 <img alt="Monthly NFT sales fall below $400M, marking yearly low" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b22e-ed33-709d-bfae-3c4ff8da92c5">
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 NFTs highest monthly sales vs. lowest monthly sales in 2024. Source: CryptoSlam
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Data from NFT tracker CryptoSlam <a data-ct-non-breakable="null" href="https://www.cryptoslam.io/nftglobal?timeFrame=month" rel="null" target="null" text="null">shows</a> that digital collectibles only had monthly sales of $374 million in August 2024. Unlike its highest monthly record in 2024, which was $1.6 billion in March, August’s monthly volume represents a 76% drop.&nbsp;
<h2 id="nft-monthly-sales-volume-continues-to-drop">NFT monthly sales volume continues to drop</h2>
NFTs had a strong first quarter of 2024, with a total sales volume of $4.1 billion. However, digital collectibles could not keep the momentum going, and total volume dropped to $2.24 billion in the second quarter — a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-sales-plunge-q2-2024" rel="null" target="null" text="null">45% quarter-on-quarter decline</a>.&nbsp;
Despite a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-weekly-sales-surge-top-blockchains" rel="null" target="null" text="null">surge in weekly sales</a> in the last week of August, NFTs have been unable to break the constant decline that started in April when sales dropped to $1.2 billion. This was followed by an even steeper drop when NFTs’ monthly volumes hit $598 million in May.&nbsp;&nbsp;
In July, NFTs recorded a sales volume of $427 million. However, despite a lower turnout in monthly sales volumes, July showed an 87% increase in NFT transactions. Data showed that NFT transactions <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nfts-lowest-monthly-sales-volume" rel="null" target="null" text="null">increased from 5.7 million</a> in June to 10.7 million in July.&nbsp;
In August, NFTs had 7.3 million total transactions, a 31% drop from July. However, the average NFT sale’s value increased by 27%, jumping from $39.93 to $50.74. Two days into September, NFT average sales increased to $86.04 per transaction.<iframe width="100%" height="315" src="https://www.youtube.com/embed/HpNl-1zRqxk" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nft-securities-sec-wells-notice-opensea-lawyer-response" rel="null" target="null" text="null">NFTs can be securities but SEC Wells notice to OpenSea ‘not productive’ — Lawyer&nbsp;</a>
<h2 id="speculative-capital-moving-from-nfts-into-memecoins">Speculative capital moving from NFTs into memecoins</h2>
In comments to Cointelegraph previously, Solo Ceesay, co-founder and CEO of social wallet Calaxy, said that speculative capital has <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cryptopunk-nft-sale-market-decline" rel="null" target="null" text="null">flowed into memecoins this cycle</a>. The executive believes that the space is moving on from NFTs and into memecoins.&nbsp;
On Aug. 19, the once most expensive CryptoPunk was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cryptopunk-transfer-amid-nft-market-decline" rel="null" target="null" text="null">quietly transferred into a different wallet</a>. Ceesay believes that the previous owner of the blue-chip NFT wanted to transfer the capital into memecoins.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/tokenizing-music-royalties-nfts-taylor-swift-3lau-nas-the-weeknd/" rel="null" target="null" text="null">Tokenizing music royalties as NFTs could help the next Taylor Swift</a>

Monthly NFT sales fall below $400M, marking yearly low

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