NFT Market Sees 45% Drop in Second Quarter
Continuing its upward trend from $2.9 billion in Q4 2023, the NFT market momentum was short-lived as Q2 2024 sales dropped quickly.
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The NFT market saw a significant 45% decline in sales volume in Q2 2024, recording only $2.24 billion compared to $4.1 billion in Q1 2024. This was the lowest quarterly volume since Q3 2023, highlighting a substantial downturn.
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NFT Market Faces a 16% Decline, Sales Total $122 Million
The month of June was particularly challenging for the NFT market, with the average sale value dropping by 59% compared to March. This month also marked the lowest transaction volume since March 2021.
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Korean Law Requires NFT Issuers to Register as Virtual Asset Operators
A new law in Korea now mandates NFT issuers to register as Virtual Asset Operators, adding regulatory weight to the market.
NFT Sales Surge: Bitcoin Dominates with a 50% Jump
Contrary to the overall market decline, Bitcoin-based NFTs recorded a 50% jump in sales, hitting significant milestones.
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Bitcoin NFTs Surpass $4 Billion in Sales Despite Market Downturn
Bitcoin-based NFTs made significant strides with a $4.27 billion sales volume recorded by June 18, marking the third place in historical sales volumes, surpassing the Ronin network.
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Major Blockchains Experience Worst NFT Sales Month Since October
Many major blockchains experienced their worst sales month since October, highlighting the broader market difficulties.
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NFT Sales Volume Plummets
The downward trend in NFT sales correlates with broader market sentiments towards Bitcoin and the upcoming U.S. elections. Analysts predict that Bitcoin prices might drop to $50,000.
Despite the downturn, 2024 saw some notable achievements. For instance, Solana-based NFTs set a record with an all-time sales volume of $5 billion in February. Similarly, Bitcoin-based NFTs amassed $4.27 billion in sales by June 18, surpassing the Ronin network.
