In July, the non-fungible tokens (NFT) market saw a 36.6% drop in sales compared to June. During the month, NFT sales reached $429.46 million, while the number of NFT buyers fell 46.24% from the previous month.
The NFT market sees a continued decline in July with fewer buyers and sellers
July marked the second month in a row of declining NFT sales compared to the previous month. According to cryptoslam.io statisticsEthereum-based NFTs led the market in July with $134.3 million in sales, although this marked a 40.75% decline from June. Solana NFTs also saw a decline, albeit by a more modest 6.97%, to a total of $96.02 million. Bitcoin NFTs took third place with $75.79 million, but sales of BTC-focused digital collectibles plummeted 51.26% in July.
In July, Mythos’ Dmarket was the top-selling NFT collection, ahead of $15.77 million. However, Dmarket’s revenue saw a 15% decline compared to the previous month. Solana’s Dogezuki claimed the second spot, raking in $13.99 million, reflecting a 37.96% increase. The third largest collection of the month was Solana Monkeys, which earned $13.33 million, an impressive increase of 264.81% compared to June.
July was a slow month for high-end digital collectibles. In June, the five most expensive NFTs fetched between $1.17 million and $3.52 million. The most expensive NFT sold in July was an Ordinal from the Bitcoin blockchain, which cost $877,068 about ten days ago. On the same day, the second most expensive NFT, a GETH Locked Deposit on Arbitrum, sold for $583,047. The third most expensive NFT of the month was Ethereum’s Cryptopunk #2, which sold for $386,916 in early July.
In addition to the sales decline, the number of NFT buyers fell 46.24% in July compared to June. The number of sellers of digital collectibles fell 40.68%, although the number of NFT transactions saw a modest increase in July. A total of 11,010,302 NFT transactions took place on more than twenty blockchains, an increase of 5.3% from June. NFTs have had a rough 2024 so far, and July suggests no recovery is in sight just yet.