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The global NFT market is still in a deep crisis, with the lowest prices and trading volumes still far from their initial record levels. Despite recent claims that the NFT market has rebounded, trading volumes have fallen again this month. The NFT market recorded $380 million in August 2024, down 40% from July 2024.
NFT Sales Drop 40% in August 2024
Data collected by CryptoSlam.ioThe global NFT market has seen another dip in sales this month despite showing some signs of recovery in recent weeks, according to a study by NFT, a leading non-fungible token discovery company backed by billionaire investor Mark Cuban. The global NFT market has generated $380 million in trading volume in the past 30 days, down 40% from last month.
Ethereum, the same blockchain that powers Ethereum (ETH) and is popular in the NFT market for hosting the most valuable non-fungible token collections, was the most traded blockchain in the NFT market this month. In the past 30 days, Ethereum-based NFT collections have collected $131 million in trading volume, down 36% from last month.
Solana, an open-source public blockchain that supports smart contracts, including non-fungible tokens and various decentralized applications, was the second most traded NFT blockchain this month. In the past 30 days, Solana-based NFT collections have recorded a trading volume of $79 million. During this time, Solana NFT sales are down 35% from last month.
Bitcoin, the blockchain network that hosts Bitcoin (BTC) and is popular in the global NFT market for powering Ordinals Runes and BRC-20 non-fungible token collections, was the third most traded blockchain network in the NFT ecosystem this month. In the past 30 days, Bitcoin-based NFT collections have collected $58 million in sales volume. During this period, Bitcoin NFT trading sales volume decreased by 49% compared to last month.
Polygon, a popular layer-2 scaling blockchain that operates alongside the Ethereum mainchain, was the fourth most traded blockchain this month in the NFT market. Over the past 30 days, Polygon-based NFTs have recorded a trading volume of $36 million. During this time, Polygon NFT sales are down 51% from last month.
Mythos Chain, another layer-2 blockchain that leverages the Ethereum Virtual Machine (EVM) for its compatibility and functionality, was the fifth most traded blockchain in the NFT market in August. In the past 30 days, Mythos-based NFT collections have amassed a trading volume of $20 million. Unlike Ethereum, Bitcoin, Polygon, and Solana, Mythos Chain’s NFT trading volume has increased by 14.31% over the past month.
Top Selling NFTs in August 2024
1. DMarket NFT Collection
The DMarket Collection, a non-fungible token collection from the virtual asset marketplace platform DMarket hosted on the Mythos Chain network, was the top-selling NFT collection in August. In the past 30 days, the DMarket NFT collection attracted $20 million in trading volume. During this time, DMarket NFT trading volume increased by 17% compared to the previous month.
2. CryptoPunks NFT Collection
CryptoPunks, a limited-edition 10,000 Ethereum NFT collection formerly created by Larva Labs and now managed by Yuga Labs, the creator of Bored Ape, was the second-best-selling NFT collection in August. In the past 30 days, the Punks NFT collection has generated $18 million in trading volume. Punk NFT sales volume is up 150% this week compared to last month.
3. Guild Of Guardians NFT Collection
Guild of Guardians, a non-fungible token collection from Guild of Guardians, the popular mobile role-playing game that lets players compete with a team of heroes through challenging dungeons to gather resources, was the third-best-selling NFT collection in August. In the past 30 days, the NFT collection has generated $14.6 million in trading volume. During this time, Guild of Guardians NFT sales volume increased by 133% from the previous month.
4. Sorare NFT Collection
The Sorare Collection, a non-fungible token collection from Sorare, a crypto-based fantasy sports video game on the Ethereum network, was the sixth-best-selling NFT collection in August. In the past 30 days, the Sorare NFT Collection has recorded $14 million in trading volume. During this period, Sorare NFT trading volume increased by 53% compared to the previous month.
5. Bored Ape Yacht Club NFT Collection
Bored Ape Yacht Club, a non-fungible token series from digital asset company Yuga Labs that features a fixed release of 10,000 NFTs hosted on the Ethereum blockchain, was the fifth-best-selling NFT collection in August. Over the past 30 days, the Bored Ape Yacht Club NFT collection has generated $11 million in trading volume. During this time, Bored Ape NFT trading volume has increased by 25% compared to the previous month.
6. DogeZuki NFT Collection
DogeZuki, a recently launched NFT collection featuring a limited edition of 2,800 Shiba Inu-themed NFTs hosted on the Solana blockchain, was the sixth best-selling NFT collection in August. In the past 30 days, the DogeZuki NFT collection has seen $11 million in trading volume. During this period, the DogeZuki NFT collection’s trading volume decreased by 18% compared to the previous month.
7. Solana Monkey Business NFT Collection
The Solana Monkey Business Collection, a non-fungible token collection featuring a fixed supply of 5,000 unique 24×24 pixel monkeys that are randomly generated and stored on the Solana blockchain, was the seventh best-selling NFT collection in August. In the past 30 days, the Solana Monkey Business NFT collection has generated $9.1 million in trading volume. During this period, Solana Monkey Business NFT sales volume decreased by 29% compared to the previous month.
8. Pudgy Penguins NFT Collection
The Pudgy Penguins collection, a non-fungible token collection from digital asset company Igloo Inc. that features a limited edition of 8,888 NFTs hosted on the Ethereum blockchain, was the ninth best-selling NFT collection in August. In the past 30 days, the Pudgy Penguins NFT collection has garnered $8.6 million in trading volume. During this period, the Pudgy Penguins NFT sales volume increased by 9.01% from the previous month.
9. NodeMonkes NFT Collection
NodeMonkes, a non-fungible token collection comprising a limited edition of 10,000 NFTs created on the Bitcoin blockchain using Satoshi Nakamoto’s ordinal protocol, was the ninth best-selling NFT collection in August. In the past 30 days, the NodeMonkes NFT collection recorded a sales volume of $7.6 million. During this period, NodeMonkes NFT trading sales volume decreased by 15.60% compared to the previous month.
10. DeGods NFT Collection
DeGods, a non-fungible token from digital asset company Dust Labs featuring a limited run of 4,624 NFTs hosted on the Solana blockchain, was the 10th best-selling NFT in August. In the past 30 days, the DeGods NFT collection has attracted $7.2 million in trading volume. During this time, DeGods NFT sales volume has increased by 342% compared to the previous month.
Top NFT Collectibles Sales Made in August
The Uncategorized Ordinal collection was the most expensive NFT sold this month, selling for $2.4 million fourteen days ago. The Bored Ape Yacht Club #2579 was the second most expensive NFT sold this month, selling for $342,542 sixteen days ago. The gETH Locked #158 collection was the third most expensive NFT sold this month, selling for $256,513 two days ago. The Boogle #061 collection was the fourth most expensive NFT sold this month, selling for $201,200 eleven days ago.
NFT Market Predictions for September 2024
Despite the recent struggle with financial regulators, among other factors, the future of the NFT market still looks promising, with forecasts indicating that the market will see increased growth in September 2024. The NFT market size is expected to reach $6.83 billion in 2024, growing at a rate of 34.5% from 2024 to 2030.
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