This article analyzes the decline in NFT sales in July 2024 and provides insights into what traders can expect in the coming month.
Points
- NFT sales volume dropped 36% in July 2024.
- Ethereum remains the top-traded blockchain for NFTs.
- Solana and Bitcoin follow as significant players in the NFT market.
- Top-selling NFT collections include DMarket and DogeZuki.
- Market projections suggest potential growth in NFT revenue by the end of 2024.
NFT Market Analysis for July 2024
The NFT market experienced a significant drop in sales volume, falling more than 36% in July. Despite some exciting developments, including the launch of Project Dragon by Yuga Labs and new releases by Pudgy Penguins and Doodles, the overall trading volume has decreased.
Top Blockchain Networks for NFTs
Ethereum remains the leading blockchain network for NFT trading, with $132 million in sales, although this is down 41% from the previous month. Solana and Bitcoin follow, with Solana-based NFTs raising $98 million and Bitcoin-based NFTs attracting $74 million in sales.
Leading NFT Collections
The top-selling NFT collection in July was DMarket, which raised $16 million in trading volume. Other notable collections include DogeZuki, Solana Monkey Business, and Gods Unchained, each showing varied performance trends.
Market Predictions for August 2024
Looking ahead, the NFT market is projected to see growth, with revenues potentially reaching $2.3 billion by the end of 2024. The bullish sentiments from recent crypto events, like the Bitcoin Conference and Inscribe Nashville, suggest a positive outlook for both the crypto and NFT markets.
解説
- Ethereum continues to dominate the NFT market despite a decline in sales volume.
- Solana and Bitcoin also play significant roles, indicating a diversified market.
- Top NFT collections show varied performance, with some experiencing growth despite the overall market downturn.
- Market projections are optimistic, with expected growth in NFT revenue by the end of 2024, driven by increased adoption and innovative projects.