NFT Market Slumps To 2024 Low In August

2024 has been a tough year for NFTs, and August has been the worst month so far with just $376.3 million USD in NFT sales volume – the lowest 30-day tally of the year so far.

This is a 41% drop from July’s total, and less than a quarter of March’s NFT sales volume.

According to CryptoSlam, August saw the number of NFT buyers drop by 29%, and NFT sellers fall by 17%, with 7.45 million transactions recorded – almost half of the 15 million recorded in July.

Four of the top five blockchains by NFT sales saw a decline; the only exception being Mythos, which enjoyed a 14% rise.

What were the top NFT blockchains of August 2024?

Ethereum led the way with $129 million USD in sales, although that was still a 38% drop from July. Solana followed up in second with $78.9 million USD of NFT sales volume, but likewise suffered a 36% decrease.

Bitcoin NFT sales fell by 51% to $57.7 million USD, whilst Polygon sales plummeted by 52% to $36.4 million USD. Mythos was the only one of the top 5 NFT blockchains to see growth in August, achieving a 14% rise to $20.5 million in NFT sales.

Despite the decline in trading volume across the board, the average NFT sale price actually increased by 27% in August, from $39.93 USD to $50.74 per transaction.

What were the most traded NFT collections in August?

Mythos’ activity in August can largely be attributed to NFL Rivals, thanks to its highly anticipated Year 2 season that launches on September 5.

On Ethereum, CryptoPunks raked in $18.5 million USD – though this could be far higher as Deepak Thapliyal sold CryptoPunk #5822 – the most expensive CryptoPunk of all time – during the month for an undisclosed amount, and Bored Ape Yacht Club saw $11.5 million USD in NFT trades.

Over on Immutable, Guild of Guardians performed admirably, with $14.6 million USD in sales – a whopping 110% rise from July.

Some individual NFTs still sold for a pretty penny. The highest of the month was an being Uncategorised Ordinal, selling for a an eye-watering $2.4 million USD, with the most expensive PFP NFT being Bored Ape #2579, which fetched $342,542 USD.