NFT Sales Drop 46% in June

The NFT market sales have declined again this month, following the effects of the parent crypto market, which has also lost its initial appeal in recent days. In this article, we will take an in-depth assessment of the overall market health of the NFT market this month:

NFT sales down 46% in June 2024

Data collected by cryptoslam.ioOn-chain cryptocurrency market data aggregator and multi-chain NFT explorer, indicates that the NFT market has once again declined in trading sales this month. Last month, NFT market sales fell by 54%, marking the lowest sales since October 2023.

The NFT market shrank again in trading sales volume this month, with many NFT token pools covering more than 20% of the value of the base price. In the past 30 days, the NFT market has amassed a trading volume of $478 million, which represents a 46% decrease from last month.

Ethereum, the blockchain network that powers the Ether cryptocurrency and is popular in the NFT market for supporting the majority of non-fungible token collections, was the most traded blockchain network in the NFT ecosystem this month. In the past 30 days, Ethereum-based NFT collections have amassed a trading volume of $148 million. However, Ethereum’s NFT trading volume is down 49% from last month.

Bitcoin, the same blockchain network that powers the leading cryptocurrency Bitcoin, and which is popular in the NFT market for hosting Runes and Ordinals sets, is the second most traded blockchain network this month in the NFT ecosystem. In the past 30 days, Bitcoin-based NFT pools have amassed a trading turnover of $117 million, trailing behind Ethereum. However, Bitcoin NFT trading volume fell by 47% this month.

Non-fungible tokens hosted on Polygon, a scalable blockchain network on Ethereum, were the third most traded NFT collection this month, surpassing the dominant Solana offering. Over the past 30 days, Polygon-based NFT collections have amassed $80 million in trading volume. During this time, Polygon NFT trading volume is up 3.50% from the previous month.

Solana, an open-source public blockchain that supports smart contracts, including non-fungible tokens, a variety of decentralized applications, and Mythos Chain, was the fourth and fifth most traded blockchains in the NFT ecosystem this month. In the past 30 days, Solana-based NFT collections have amassed a trading volume of $69 million, while Mythos Chain-based NFT collections have recorded a trading volume of $20 million. During this time, Solana NFT sales volume has decreased by 42%, while Mythos Chain NFT sales volume has decreased by 20% compared to the previous month.

Despite the decline in trading volume, the total number of crypto traders who purchased NFTs increased this month. In the past 30 days, the NFT market has seen over 1.2 million buyers of various NFTs, a 1,701% increase from last month.

Top Selling NFTs in the Past 30 Days

1. $Pizza BRC-20 NFT Collection

The $Pizza non-fungible token set, created on the Bitcoin blockchain using the BRC-20 protocol, was the best-selling set of non-fungible tokens this month. In the past 30 days, the NFT set $Pizza BRC-20 has recorded a trading volume of $29 million.

2. NFT Collection from DMarket

DMarket, a non-fungible token collection from the virtual asset marketplace DMarket hosted on the Mythos Chain network, is the second-best-selling NFT collection this month. In the past 30 days, the DMarket NFT collection has recorded $18 million in trading volume. During this time, DMarket’s NFT trading volume has decreased by 21% compared to last month.

3. CryptoPunks NFT Collection

CryptoPunks, a non-fungible token collection formerly owned by digital asset firm Larva Labs but now operated by digital asset firm Yuga Labs featuring a limited run of 10,000 NFTs hosted on the Ethereum blockchain, was the second-best-selling NFT collection this month. In the past 30 days, CryptoPunks NFT collections have seen $16 million in trading volume. Punk NFT trading sales are up 8% in the past month.

4. Bored Ape Yacht Club NFT Collection

Bored Ape Yacht Club, another NFT collection created and managed by digital asset company Yuga Labs, which features a fixed pool of 10,000 NFTs hosted on the Ethereum blockchain, was the fourth-best-selling NFT collection this month. In the past 30 days, the Bored Ape Yacht Club NFT collection has generated $14 million in trading volume, up 27% from last month.

5. NodeMonkes NFT Collection

NodeMonkes, a non-fungible token featuring a limited edition of 10,000 unique Bitcoin-based NFTs that leverage the Ranking Protocol, was the fifth best-selling NFT collection this month. In the past 30 days, the NodeMonkes NFT collection has attracted $12.7 million in trading volume. During this time, NodeMonkes’ NFT trading volume decreased by 41% compared to last month.

6. Bitcoin Puppets NFT Collection

Bitcoin Puppets, another set of non-fungible tokens created on the Bitcoin blockchain using the Ordinal Protocol, was the sixth best-selling NFT set this month. In the past 30 days, the Bitcoin Puppets NFT group has amassed a trading volume of $12.6 million. During this period, Bitcoin Puppets NFT trading volume was down 41% from last month.

7. DogeZuki NFT Collection

DogeZuki, a non-fungible token set that features a steady supply of 2,800 Shiba Inu-inspired digital items and is hosted on the Solana blockchain, was the seventh best-selling NFT set this month. In the past 30 days, the DogeZuki NFT collection has amassed a trading turnover of $10 million. DogeZuki NFT sales volume increased by 2.30% from last month.

8. Pudgy Penguins NFT Collection

Pudgy Penguins, a non-fungible token created by gaming brand Pudgy Penguins that features a steady supply of 8,888 non-fungible tokens hosted on the Ethereum blockchain, were the eighth best-selling NFT lot this month. In the past 30 days, the Pudgy Penguins NFT group has amassed $9.6 million in sales volume. During this period, Pudgy Penguins NFT sales volume increased by 61% from last month.

9. Guild Of Guardians NFT Collection

Guild of Guardians, a non-fungible token collection from the mobile role-playing game Guild of Guardians, was the ninth best-selling NFT collection this month. In the past 30 days, the Guild of Guardians NFT collection has garnered $9.3 million in trading volume. During this time, the Guild of Guardians NFT trading volume decreased by 8% compared to the previous month.

10. Ordinal Maxi Biz NFT Collection

The Ordinal Maxi Biz NFT Collection, a limited edition of 2,100 hand-drawn sketches by artist Tony Tavoro hosted on the Bitcoin blockchain, was the 10th best-selling NFT collection this month. In the past 30 days, the Ordinal Maxi Biz NFT Collection has recorded $8.8 million in trading volume, closing out our top 10 best-selling NFT collections this month.

Highest NFT sales in the last 30 days

CryptoPunk #627 was the most expensive NFT lot sold this month, selling for nearly $1 million just five days ago. Punk #50 was the second most expensive NFT set sold this month, selling for $306,725 six days ago. The Cardano NFT set was the third most expensive NFT set, selling for $219,102 twenty-five days ago.

NFT Market Predictions for July 2024

NFTs are expected to see a potential revival in 2024, with the prospects for a boom in the non-fungible token market continuing to rise. Earlier this year, StatesmanThe cryptocurrency analysis firm has predicted that the NFT market will reach $2.4 billion in revenue in 2024. The company expects NFT revenue to grow at an annual growth rate of 9.10%, leading to a projected total amount of $3.4 billion by 2028.

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