Along with significant declines in the cryptocurrency market, the NFT sector disappointed in the second quarter of 2024, after having a strong first quarter. Specifically, NFT sales dropped 45% from $4.1 billion in Q1 to $2.24 billion in Q2.
30-day NFT sales volume in 2024. Source: CryptoSlam
The first quarter of 2024 shows a positive trend in NFT sales, continuing the upward trend from Q4 2023 with a volume of $2.9 billion. However, the optimism did not sustain in the second quarter, which even marked the worst performance since the third quarter of 2023.
Market observers attribute the decline to pessimism about Bitcoin, a key player in the NFT market. Analysts predict the Bitcoin price could fall to $50,000 and concerns about other economic factors such as the US election and the Consumer Price Index (CPI) have also contributed to the market weakness. .
The average value of NFT transactions plummeted 59% from March to June 2024, indicating a decline in activity and a decrease in buyer interest. It is expected that June 2024 will see the lowest number of NFT transactions since March 2021.
Fewer unique sellers and lower sales volumes suggest that NFT collectors may be holding on to their assets amid market uncertainty and weakness.
Itadori
According to TheNewsCrypto
