NFTs are set to reach their lowest monthly sales volume since November 2023, highlighting a significant decline in market activity amidst broader trends.
Points
- Monthly Sales Decline: NFT sales volume drops to lowest levels since November 2023.
- Quarterly Trends: 45% decline in sales from Q1 to Q2 2024.
- Market Outlook: Despite decline, Web3 professionals remain positive about NFT applications.
NFTs are poised to reach their lowest monthly sales volume since November 2023. On July 29, data tracker CryptoSlam reported that the monthly volume of digital collectibles reached $393 million. With daily volumes below $14 million, July could be the lowest or second-lowest month for this asset class this year.
Market Trends and Decline
In June 2024, the monthly sales volume of NFTs hit a low of $450 million, the lowest since November 2023. Data indicates that NFTs have been on a downward trend since the second quarter of 2024, experiencing a 45% decline quarter-over-quarter. The sales volume dropped from $4.1 billion in Q1 to $2.24 billion in Q2 2024, reflecting a significant market contraction.
Web3 Professionals’ Optimism
Despite the declining sales volumes, Web3 professionals remain optimistic about the future of NFTs. Jonathan Perkins, co-founder of SuperRare, emphasized that NFTs are an extremely strong token standard, and their utility remains unchanged. He noted that while Profile Picture （PFP） NFTs might not regain their previous volume and adoption levels, more robust Web3 applications will likely need NFTs.
Key Insights
- Transaction Volume: Although sales volumes are low, transaction volumes increased by 73% in July compared to June, indicating active trading.
- Professional Perspectives: Experts believe that while sales volumes may decline, the utility and applications of NFTs will continue to develop positively.
Conclusion
The NFT market is facing a significant downturn, with July 2024 poised to be the least active month for sales since November 2023. However, the underlying utility and potential of NFTs remain strong. Industry professionals and market analysts continue to express optimism, anticipating more sustainable and innovative applications within the Web3 space. Investors should consider these insights when navigating the evolving NFT landscape.
解説
- Sales Volume Decline: Reflects broader market trends and contraction.
- Active Trading: Increase in transaction volume despite lower sales.
- Future Applications: Optimism about NFTs’ utility and potential in robust Web3 applications.