NFT Sales Volume Records Worst Month Since 2021
By Philip Maina
2 months agoTue Oct 01 2024 10:53:25
Reading Time: 2 minutes
- The NFT sales volume in September hit a low last seen in 2021
- According to CryptoSlam, the volume was slightly above $300 million and almost $100 million less than what was recorded in August 2024
- The drop comes a month after a report by nftevening.com noted that 96% of NFTs are dead
A month after 96% of NFTs were declared dead due to near-zero trading activities, the NFT sales volume has dropped to levels last seen in 2021. According to NFT data aggregator, CryptoSlam , the volume closed the month at slightly above $300 million, over $70 million less than August this year. The drop also comes when the floor price of popular collections like Bored Ape has fallen, casting doubts on whether the NFT volume will ever return to 2021/2022 records.
Sales Volume Dips by 50%
This year, the sales volume dropped significantly in May when it shed roughly 50% from the previous month moving from $1.2 billion in April to $$599.4 million in May. Apart from dwindling volumes, unique sellers have also gradually dropped since the beginning of the year, moving from over 800,000 in February to 464,000 in September.
The number of unique buyers over the months hasn’t dropped as much, with August recording the lowest number in 2024 at 838,000. Despite the reduction in volume, the average value of an NFT increased by 18% between August and September.
NFT Transactions Also Take a Hit
September’s total NFT transactions dropped by over 2 million compared to August. The value of NFTs has been plummeting, with some once-pricey collectibles presumably sold at a loss.
A $24-million CryptoPunk , for example, was sold at an undisclosed amount, with the community speculating that it was sold at a loss due to the market’s bearish nature.
With September recording NFT sales volume lows last seen in 2021, it’s to be seen whether the tide will change in October.
