July saw a continued decline in the non-fungible token (NFT) market, with both buyers and sellers becoming scarce. Sales in the NFT market dropped by 36.6% compared to the previous month, reaching a total of $429.46 million. Furthermore, the number of NFT buyers decreased by 46.24% in July.
This decline in NFT sales marks the second consecutive month of decreasing numbers. According to statistics from cryptoslam.io, Ethereum-based NFTs dominated the market in July, generating $134.3 million in sales. However, this figure represented a significant 40.75% decrease from June. Solana NFTs also experienced a drop in sales, albeit a more modest decrease of 6.97%, amounting to $96.02 million. Bitcoin NFTs secured the third position with sales totaling $75.79 million, but sales of BTC-centric digital collectibles plummeted by a staggering 51.26% in July.
In terms of top-selling NFT collections in July, Mythos' Dmarket claimed the first spot, generating $15.77 million in sales. However, Dmarket experienced a decline of 15% compared to the previous month. Solana's Dogezuki secured the second position, with sales reaching $13.99 million, reflecting a substantial increase of 37.96%. The third-largest collection for the month was Solana Monkeys, which earned $13.33 million, marking an impressive 264.81% rise compared to June.
July was not a fruitful month for high-value digital collectibles. In June, the top five most expensive NFTs were sold for prices ranging from $1.17 million to $3.52 million. However, the priciest NFT sold in July was an Ordinal from the Bitcoin blockchain, fetching $877,068 approximately ten days ago. On the same day, the second highest-priced NFT, a GETH Locked Deposit on Arbitrum, sold for $583,047. The third most expensive NFT of the month was Cryptopunk #2 from Ethereum, selling for $386,916 at the beginning of July.
Apart from the decline in sales, the number of NFT buyers decreased by 46.24% in July compared to June. Sellers of digital collectibles also decreased by 40.68%. However, there was a modest increase in the number of NFT transactions, with a total of 11,010,302 transactions occurring across more than two dozen blockchains, representing a 5.3% increase from June. The NFT market has faced significant challenges in 2024, and July's numbers indicate that a recovery is not yet in sight.
What are your thoughts on July's NFT sales? Share your opinions in the comments section below.
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