2024

The NFT market is tanking. From a booming $946 million in January, the trading volumes have crashed hard. It’s a big dip for NFTs, with sales volume down 36.17% to around $443 million.&nbsp; 
Transactions <a href="https://www.cryptoslam.io/nftglobal?timeFrame=day&amp;headerPeriod=30d&amp;month=2024-07" rel="nofollow noopener" target="_blank">hit</a> a total of 10.8 million, up slightly by 8.97%, but the overall vibe is gloomy. Wash trading, a practice where the buyer and seller collude to manipulate the market, has also taken a huge hit.&nbsp; 
The wash volume plummeted by 78.33%, now sitting at $51 million. Even wash transactions have dropped by 66.85%. The market’s trade profit stands at a negative $17.8 million,. 
<h3 id="b-january-s-bright-fizzles-out-b">January’s bright fizzles out</h3> 
January kicked off with a bang. NFT trading volumes hit $946 million, the highest since mid-2022. Everyone, from big companies to collectors, seemed excited. But by February and March, the excitement was already fading.&nbsp; 
<img fetchpriority="high" decoding="async" class="alignnone wp-image-561819 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.17.51.png" alt="NFTs see record low as trading volumes steadily plummet" width="1920" height="367" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.17.51.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.17.51-300x57.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.17.51-1200x229.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.17.51-768x147.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.17.51-1536x294.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px"> 
While trading volumes stayed stable, cracks started showing, especially in the art segment. Transactions in this area took a nosedive, with the number of art-related NFT sales dropping to around 1.8 thousand by April.&nbsp; 
Compare that to the peak of over 117 thousand in 2021, and you get a sense of how bad things have gotten. May brought more bad news. The overall market cap for NFTs shrank to a third of its value from March 2022.&nbsp; 
People aren’t as interested in NFTs as they used to be, and it shows. June was brutal. NFT sales plummeted by 42.04% compared to May.&nbsp; 
The whole cryptocurrency market was in a downturn, with Bitcoin’s price falling from a high of $73,000 in March to about $56,500.&nbsp; 
<img decoding="async" class="alignnone wp-image-561822 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.22.53.png" alt="NFTs see record low as trading volumes steadily plummet" width="1920" height="570" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.22.53.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.22.53-300x89.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.22.53-1200x356.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.22.53-768x228.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.22.53-1536x456.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px"> 
By July, there was some hope for stabilization. Trading volumes were not back to early 2024 levels, but there was a slight uptick.&nbsp; 
Some major companies like Amazon and Salesforce are still pushing forward with NFT-related services, which gives a glimmer of hope. 
Amazon’s platform lets people buy NFTs without needing a crypto wallet. And Salesforce integrated NFT loyalty programs into its CRM platform. 
<img decoding="async" class="alignnone wp-image-561823 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.23.37.png" alt="NFTs see record low as trading volumes steadily plummet" width="1920" height="575" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.23.37.png 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.23.37-300x90.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.23.37-1200x359.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.23.37-768x230.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-30-at-00.23.37-1536x460.png 1536w" sizes="(max-width: 1920px) 100vw, 1920px"> 
Increased regulatory scrutiny and a general loss of enthusiasm for digital collectibles likely played a big role in the slump. The NFT market is under the microscope.&nbsp; 
Governments worldwide are looking at regulations that could change how NFTs are bought, sold, and owned. This increased scrutiny has made investors nervous.&nbsp; 
The uncertainty is a big reason why trading volumes are down. People are holding back, waiting to see what new rules might come into play.

NFTs see record low as trading volumes steadily plummet

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