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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.