2024

Bitcoin

April

when

<h4><strong>This is the first time in 2024 that digital collectibles have seen monthly sales dip below $400 million. It highlights the challenges the market is currently facing.</strong></h4> 
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      <p>Data from NFT tracker <a href="https://www.cryptoslam.io/nftglobal?timeFrame=month" target="_blank" rel="noopener">CryptoSlam</a> reveals that August’s figures represent a steep 76% decline from the year’s peak in March. In March, sales volumes reached an impressive $1.6 billion.</p> 
      <h5><strong>NFT Market Sees Sharp Decline Amid Challenging Conditions</strong></h5> 
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<p>The NFT market had a robust start to 2024, with total sales volumes hitting $4.1 billion in the first quarter. However, the momentum proved unsustainable as the market witnessed a sharp decline in the second quarter, with volumes plummeting to $2.24 billion—a 45% decrease from the previous quarter. The downward trend that began in April, when sales dropped to $1.2 billion, has persisted, culminating in the record low of $374 million in August.</p> 
<p>Despite a brief surge in weekly sales during the last week of August, the overall market has struggled to reverse the ongoing decline. Following the April downturn, May saw a further drop in monthly volumes to $598 million. Although July showed a slight recovery with $427 million in sales, the overall trend remained negative.</p> 
<p><img decoding="async" class="wp-image-149606 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxfdgfgfg-300x148.png" alt="" width="704" height="347" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxfdgfgfg-300x148.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxfdgfgfg-768x380.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxfdgfgfg-850x420.png 850w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxfdgfgfg-696x344.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxfdgfgfg-324x160.png 324w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxfdgfgfg.png 965w" sizes="(max-width: 704px) 100vw, 704px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://www.cryptoslam.io/nftglobal?timeFrame=month" target="_blank" rel="noopener">CryptoSlam</a></strong></h6> 
<p>Interestingly, while the total monthly sales volumes have decreased, there has been a notable increase in the number of transactions and the average value per sale. In July, the NFT market recorded an 87% increase in transactions, rising from 5.7 million in June to 10.7 million.</p> 
<p>However, this trend reversed in August, with total transactions falling by 31% to 7.3 million. Despite the decline in transactions, the average value of NFT sales saw a 27% increase, jumping from $39.93 in July to $50.74 in August.</p> 
<p><img decoding="async" class="wp-image-149608 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvbnnbhjghjg-300x144.png" alt="" width="698" height="335" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvbnnbhjghjg-300x144.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvbnnbhjghjg-768x368.png 768w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvbnnbhjghjg-876x420.png 876w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvbnnbhjghjg-696x334.png 696w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vxcvbnnbhjghjg.png 957w" sizes="(max-width: 698px) 100vw, 698px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://www.cryptoslam.io/nftglobal?timeFrame=month" target="_blank" rel="noopener">CryptoSlam</a></strong></h6> 
<p>As September begins, early data indicates a continued rise in the average sale value, which has reached $86.04 per transaction. This increase in average transaction value may suggest a shift in market dynamics, with fewer but higher-value transactions becoming the norm. However, the overall decline in sales volumes raises concerns about the sustainability of the NFT market in its current form.</p> 
<p><a href="https://www.patreon.com/altcoinbuzz" target="_blank" rel="noopener"><img decoding="async" class="aligncenter wp-image-124240" src="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg" sizes="(max-width: 714px) 100vw, 714px" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-300x37.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1024x127.jpg 1024w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-768x95.jpg 768w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-696x86.jpg 696w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1-1068x132.jpg 1068w, https://www.altcoinbuzz.io/wp-content/uploads/2023/09/image-7-1-1.jpg 1197w" alt="Coins" width="714" height="88"></a></p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/nft-sales-hit-2024-low-at-374m-in-august/">NFT Sales Hit 2024 Low at $374M in August</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

NFT Sales Hit 2024 Low at $374M in August

Altcoin Buzz

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