🌎 NFT Market Plummets as Sales Drop 41% in August

The non-fungible token (NFT) industry experienced significant pressure in August, with total NFT sales dropping by 41% to $376 million. This decline was accompanied by a reduction in both buyers and sellers, which fell by double digits.

According to data, the number of buyers decreased by 29% to 127,913, while sellers fell by 17% to 93,600. Additionally, NFT transactions saw a 50% decline to 7.4 million, indicating a waning demand for these digital assets.

In January 2022, the NFT market was at its peak, with monthly sales exceeding $6.5 billion and unique buyers and sellers numbering over 1.5 million and 1 million, respectively.

NFT Sales by Blockchain

Ethereum retained its position as the leading blockchain for NFT traders, handling over $129 million in August, although this was a 38% decrease from the previous month. Solana followed with $78.9 million in sales. Bitcoin NFT sales dropped by 50% to $57 million, and Polygon saw a 52% decline to $36 million.

Interestingly, the Mythos Chain saw an improvement, with sales increasing by 14% to $20 million. This growth was led by DMarket, which experienced a 17% rise in sales during the month.

Popular NFTs and Marketplaces

Some of the most well-known NFTs have seen significant drops in valuation and sales. For instance, the Bored Ape Yacht Club moved from having monthly sales of over $50 million in 2022 to just $11 million in August.

This sharp decline in monthly volume has affected both investors and marketplaces like OpenSea and Rarible. Data indicates that OpenSea’s monthly volume in July was just $32 million, a stark contrast to the $641 million recorded in January of the previous year.

Other NFT marketplaces, including Blur, Magic Eden, and SuperRare, have also experienced weak volume and user engagement in recent months.

Price Trends

The drop in NFT sales can be attributed to falling prices. CryptoPunks, the largest NFT collection, has a floor price of $88,839, which is a 52% drop from the same period in 2023. The floor price of the Bored Ape Yacht Club has plummeted by 70% over the past year to $29,593, while Azuki has seen a 20% decline.

However, some NFTs have bucked the trend. Pudgy Penguins and Milady have seen their floor prices jump by 166% and 121%, respectively, over the same period.