NFT sales have recently experienced a significant decline, hitting their lowest point since mid-June. According to data from NFT tracker CryptoSlam, the first week of September saw sales volume plummet to $91.96 million. This marks a stark contrast to the robust performance of July and August, where the weekly sales volume for digital collectibles consistently exceeded $115 million.
During the period from July 21 to 27, NFT sales reached an impressive $170 million, marking the third-highest weekly performance of the year. This peak followed earlier highs in mid-January when sales figures surpassed $170 million. However, the recent downturn brings the sales volume back to levels observed from June 16 to 22, when sales were approximately $90 million.
NFT Market Trends: Unique Buyers and Sellers
The NFT market has also seen a dramatic drop in unique buyers. From June 16 to 22, there were approximately 487,264 unique buyers, indicating sustained interest in NFTs despite decreased average sale values, which fell to $57. However, from September 1 to 7, this number shrank to 199,821, a substantial 58% decrease from mid-June records. Similarly, the number of unique sellers decreased by 43%, dropping from 258,803 in June to 145,877 last week.
Average Sale Prices and Transaction Volume
Alongside declining buyer and seller numbers, the average sale prices of NFTs have also been on a downward trend. In August, the average sale value was over $104, but this fell to $82 by the end of the month. The first week of September saw further declines to $72, representing a 30% decrease in just two weeks. Despite these lower volumes, the total transaction count remained relatively stable at 1.27 million, indicating ongoing trading activity, albeit with smaller individual transactions.
Driving Forces Behind Earlier NFT Sales Success
One of the key factors behind the strong NFT sales in July and August was increasing adoption. DappRadar analyst Sara Gherghelas highlighted the role of new initiatives, such as the permanent NFT art gallery in Ibiza, which features works by renowned artists like Beeple and Mad Dog Jones. Additionally, the rise of Base, Coinbase’s layer-2 network, emerged as a significant driver, becoming the third-largest chain by 30-day volume in August.
While the NFT market has hit a rough patch, the ongoing interest and innovation within the space suggest that this may be a temporary lull rather than a long-term trend.
