Non-fungible token (NFT) sales have struggled in 2024, and August was no exception. After a 36.6% decline in July, August saw another significant decline, with sales falling 41.36%.
NFT market battle: August sales drop 41.36% after July decline
According to statistics from cryptoslam.io, NFT sales in August were approximately $376.30 million, down 41.36% compared to July. The number of NFT buyers fell by 29.04%, while sellers saw a decline of 17.02% over the same period. August also recorded approximately 7.45 million NFT transactions, which is 50% less than the previous month. Of the top five blockchains by NFT sales, four saw monthly declines, with Mythos Chain being the exception, up 14.31%.
Source: cryptoslam.io
Ethereum NFTs took the lead, raising $129 million, although this was 37.53% less than July’s figures. Solana followed with $78.94 million, reflecting a decline of approximately 35.54%. Bitcoin NFT sales also took a hit, falling 50.58% to $57.65 million. Polygon took fourth place in August with revenue of $36.44 million, although this marked a decline of 52.24%. Meanwhile, as previously mentioned, Mythos bucked the trend with $20.5 million in NFT sales, posting a profit in August.
Top five blockchains in terms of NFT sales in August.
August’s top-performing NFT collection was Mythos’ Dmarket, which generated $20.28 million in NFT sales – up 17.45% from July. Ethereum’s Cryptopunks followed with a 139.41% increase, collecting $18.53 million over the month. Immutable’s Guild of Guardians took third place, recording $14.55 million, up 110%. Sorare secured the fourth spot with $13.32 million in revenue, while Bored Ape Yacht Club rounded out the top five with $11.47 million in revenue in August.
The most expensive NFT in August was an Uncategorized Ordinal, which fetched a hefty $2.4 million just 16 days ago. Close behind was Ethereum’s Bored Ape Yacht Club #2,579, which sold for $342,542 about 17 days ago. Other notable high-quality NFTs came from Arbitrum, BNB, and Ronin. With NFT sales under intense pressure this year, it is difficult to predict where this market will be in the coming months or by the end of the year. Sales have been downright brutal over the past two months.