In July, the NFT market experienced a significant downturn, with sales dropping by 36.6% compared to June, reaching $429.46 million. The number of NFT buyers also decreased by 46.24%, marking a challenging month for the digital collectibles sector.
For the second consecutive month, NFT sales declined, with Ethereum-based NFTs leading the market at $134.3 million, despite a 40.75% decrease from June. Solana NFTs followed with $96.02 million in sales, down by 6.97%. Bitcoin NFTs ranked third, with sales dropping by 51.26% to $75.79 million.
The top NFT collection for July was Mythos’ Dmarket, with $15.77 million in sales, despite a 15% drop from June. Solana’s Dogezuki saw a 37.96% increase, earning $13.99 million, while Solana Monkeys surged by 264.81%, achieving $13.33 million.
High-value NFT sales also suffered, with the most expensive NFT sold being an Ordinal from the Bitcoin blockchain at $877,068. The second and third highest-priced NFTs were a GETH Locked Deposit on Arbitrum for $583,047 and Cryptopunk #2 from Ethereum for $386,916.
Despite the decline in buyers and a 40.68% decrease in sellers, NFT transactions saw a slight increase of 5.3%, totaling 11,010,302 across more than two dozen blockchains. However, the market’s struggles throughout 2024 continued into July, indicating that a recovery may still be distant.
