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In July, the non-fungible token (NFT) market experienced a 36.6% drop in sales compared to June. Over the month, NFT sales reached $429.46 million, while the number of NFT buyers fell by 46.24% from the previous month.
NFT Market Sees Continued Decline in July With Fewer Buyers and Sellers
July marked the second consecutive month of declining NFT sales compared to the previous month. According to cryptoslam.io stats, Ethereum-based NFTs led the market in July with $134.3 million in sales, although this represented a 40.75% decrease from June. Solana NFTs also saw a drop, though a more modest 6.97%, totaling $96.02 million. Bitcoin NFTs secured the third position with $75.79 million, but sales of BTC-centric digital collectibles plummeted by 51.26% in July.
In July, the top NFT collection by sales was Mythos’ Dmarket, leading the field with $15.77 million. However, Dmarket sales saw a 15% decline from the previous month. Solana’s Dogezuki claimed the second spot, raking in $13.99 million, reflecting a 37.96% increase. The third-largest collection for the month was Solana Monkeys, which earned $13.33 million, marking an impressive 264.81% rise compared to June.
July was a slow month for high-value digital collectibles. In June, the top five most expensive NFTs fetched between $1.17 million and $3.52 million. The priciest NFT sold in July was an Ordinal from the Bitcoin blockchain, going for $877,068 about ten days ago. On the same day, the second highest-priced NFT, a GETH Locked Deposit on Arbitrum, sold for $583,047. The third most expensive NFT of the month was Cryptopunk #2 from Ethereum, selling for $386,916 at the start of July.
In addition to the decline in sales, NFT buyers dropped by 46.24% in July compared to June. Sellers of digital collectibles decreased by 40.68%, although the number of NFT transactions in July saw a modest uptick. A total of 11,010,302 NFT transactions occurred across more than two dozen blockchains, a 5.3% increase from June. NFTs have had a rough 2024 so far, and July suggests a recovery is not yet on the horizon.