The month of July witnessed a further decline in the non-fungible token (NFT) market, with a notable decrease in both buyers and sellers. Sales of NFTs reached $429.46 million during the month, marking a 36.6% drop compared to June. The number of NFT buyers also fell by 46.24% from the previous month.
July marked the second consecutive month of declining NFT sales when compared to the previous month. Notably, Ethereum-based NFTs dominated the market with $134.3 million in sales. However, this represented a significant decrease of 40.75% compared to June. NFTs based on Solana also experienced a drop, albeit a more modest one of 6.97%, totaling $96.02 million. Bitcoin NFTs secured the third position with $75.79 million in sales, but sales of BTC-centric digital collectibles plummeted by 51.26% in July.
The top-selling NFT collection in July was Mythos’ Dmarket, which generated $15.77 million. However, Dmarket sales saw a decline of 15% from the previous month. Solana’s Dogezuki claimed the second spot, raking in $13.99 million, reflecting a significant increase of 37.96%. The third-largest collection for the month was Solana Monkeys, which earned $13.33 million, marking an impressive rise of 264.81% compared to June.
July proved to be a slow month for high-value digital collectibles. In June, the top five most expensive NFTs sold for prices ranging from $1.17 million to $3.52 million. 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.
In addition to the decline in sales, the number of NFT buyers dropped 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. This marked a 5.3% increase from June. Overall, NFTs have faced a challenging year so far, and July’s data suggests that a recovery may not be on the horizon.
What are your thoughts on the NFT sales in July? Feel free to share your opinions and insights in the comments section below.
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