NFT Sales and Buyer Activity Decline Sharply in Early September
The NFT market has experienced a notable downturn in early September, with sales volume dropping to $91.96 million in the first week, marking the lowest weekly figure since mid-June, according to data from NFT analytics platform CryptoSlam.
This decline follows a period of sustained momentum throughout July and August, during which weekly NFT sales consistently exceeded $115 million. The week of July 21 to 27 saw $170 million in sales, ranking as the third-highest weekly performance this year, trailing only the peak weeks in mid-January.
Significant Drop in Unique Buyers and Sellers
The number of unique NFT buyers has decreased sharply, falling 58% from a mid-June peak of 487,264 to just 199,821 in the first week of September. Similarly, unique sellers declined by 43%, from 258,803 in mid-June to 145,877 last week.
While NFT sales volume was also low in mid-June, the high number of buyers at that time suggested sustained collector interest despite lower average sale prices. In contrast, the recent drop in buyer numbers underscores a broader market contraction.
Falling Average Sale Prices Amid Continued Trading Activity
Average NFT sale prices have also decreased significantly, dropping from over $104 throughout August to $82 in the last week of August, and further down to $72 in early September—a 30% decline within two weeks.
Despite these declines, overall transaction counts remained relatively robust at approximately 1.27 million, indicating ongoing trading activity, albeit with smaller transaction sizes.
Factors Behind Earlier NFT Market Strength
Analyst Sara Gherghelas from DappRadar attributed the strong NFT market performance during July and August to rising adoption. She highlighted cultural milestones such as the opening of a permanent NFT art gallery in Ibiza featuring prominent creators like Beeple and Mad Dog Jones.
Additionally, the launch and growth of Base, Coinbase’s layer-2 blockchain network, contributed to the market’s momentum. In August, Base became the third-largest blockchain by 30-day volume, signaling increased infrastructure support for NFT activity.
FinOracleAI — Market View
The recent decline in NFT sales volume and unique buyers signals a cooling phase following a period of strong market activity. Key drivers include reduced buyer engagement and falling average prices, which may reflect broader market sentiment or profit-taking after the summer rally. However, the sustained transaction count suggests that trading remains active, potentially supporting a base for recovery or stabilization.
Investors should monitor buyer and seller activity alongside price trends and the adoption of NFT-supporting platforms like Base. Risks include further declines if demand wanes, but infrastructure developments and cultural adoption could provide longer-term support.
Impact: negative
