Sales Fall 42% In June 2024

There’s been a big drop in the buying and selling of NFTs again in June 2024. NFT sales have fallen way down, by 42.04% compared to last month. 

However, Bitcoin’s (BTC) price has also been going down lately, similar to what’s happening with NFTs. Bitcoin reached its highest price ever ($73k) in March 2024, but it hasn’t been able to go back up to that price yet. Right now, Bitcoin is trading around $56.5k, according to CoinMarketCap.

This report will delve into these changes, analyze the top-selling NFT collections, highlight the leading blockchains by NFT sales volume, and provide insights into what the future may hold for the NFT market.

Key Highlights in June 2024:

1. The NFT market experienced a sharp 42.04% decline in sales volume in June 2024, totaling $466 million, accompanied by decreases in buyers, sellers, and NFT transactions.
2. Despite the overall market downturn, the $Pizza BRC-20 NFT collection on the Bitcoin blockchain led in sales with a trading volume of $30.29 million, while other top collections like CryptoPunks and Bored Ape Yacht Club saw varying levels of success.
3. Ethereum remained the dominant blockchain for NFT sales, achieving over $150 million in sales volume, but also witnessing a 38.36% decline compared to the previous month.

NFT Market Overview (June 2024)

According to CryptoSlam data, the global NFT market size is $61.44 Billion. In June 2024, the NFT market saw a significant decline in activity. Sales volume dropped sharply by 42.04% in the last 30 days, totaling $466,832,260. This decline is very notable compared to the previous months, reflecting a broader market trend. 

Additionally, there was a slight decrease in the number of NFT buyers by 4.04% and a more considerable drop in sellers by 12.18%. The number of NFT transactions also fell dramatically by 43.73% in the past 30 days. 

On top of that, many popular collections of NFTs have gotten cheaper. Some of these collections have lost more than 20% of their value. 

Top Selling Collections for June 2024

Top Selling Collections for June 2024. Source: CryptoSlam

Several NFT collections stood out in June 2024, despite the overall market downturn. Here are the top NFT collections based on sales volume:

1. $PIZZA BRC-20 NFTs

The $Pizza NFT collection, created on the Bitcoin blockchain using the BRC-20 protocol, has been the top-selling NFT collection this month. Over the past 30 days, the $Pizza BRC-20 NFT collection has achieved a trading volume of $30.29 million.

2. DMarket NFT Collection

DMarket is an NFT collection hosted on a Mythos Chain network. It is a platform that contains virtual in-game items. This collection has achieved the position of the second highest-selling NFT collection this month. 

Over the last 30 days, DMarket NFTs have generated $18.2 million in trading sales volume. However, it is worth noting that this trading volume represents a 21.2% decrease compared to the previous month.

3. CryptoPunks

CryptoPunks are one of the first NFT projects, launched by Larva Labs in 2017. Consisting of 10,000 unique 24×24 pixel art characters, they have become iconic in the NFT community. CryptoPunks are highly valued and have achieved significant sales in the last 30 days with over $15 million in volume. The sales also plunged by 3% in the past month.

4. Bored Ape Yacht Club

Bored Ape Yacht Club (BAYC) is a popular NFT collection created by Yuga Labs. It features 10,000 unique cartoon ape avatars, each with distinct traits and accessories. BAYC has gained substantial attention and value in the NFT market, with many celebrities among its owners. 

In the last 30 days, the Bored Ape Yacht Club NFT collection has reached $12.7 million in trading sales. This is a 9% increase compared to the previous month.

5. Pudgy Penguins

Pudgy Penguins are a collection of 8,888 unique cartoon penguins living on the Ethereum blockchain. Each penguin has different colorful accessories and traits. Launched in July 2021, the collection is known for its positive vibes and aims to empower its community through exclusive events and experiences. 

In June 2024, the Pudgy Penguins NFT collection has a total traded volume of $11.4 million. During this period, their sales volume has increased by 118% from the past month.

Top Blockchains by NFT Sales Volume 

Over the last 30 days, several blockchains led the NFT market in terms of sales volume. Here is a detailed look at the top performers:

1. Ethereum: Ethereum, known for its Ether cryptocurrency and dominance in the NFT market, has been the most traded blockchain network this month. It powers many top-tier non-fungible token collections. It remains the dominant blockchain for NFT sales, with a total sales volume of over $150 million. The total volume is down by 38.36% compared to last month. Ethereum also had over 34k unique buyers, lower by 8.11% since May 2024.
2. Bitcoin: Bitcoin, famous for hosting the Runes and Ordinals collections, has been the second most-traded blockchain network in the NFT ecosystem this month, with total sales of $104 million. Similar to Ethereum, the volume has fallen over 49% since last month.
3. Polygon: Polygon, being the layer-2 solution, also recorded $76 million in NFT sales and became the third-largest blockchain by sales volume.
4. Solana: Solana, which is nowadays known for memecoin trading, continued to show strong performance with $73 million in NFT sales. Solana had the highest number of buyers among the top blockchains, with 56,287 buyers.

Top Blockchains by NFT Sales Volume . Source: CryptoSlam

What Can We Expect Next Month?

In the coming month, a few things could affect the NFT market growth. The general sentiment in the overall crypto market (positive or negative) and the overall economy will be important. If the entire crypto market recovers, NFT sales and trading might pick up again. But if things keep going the way they are, the market could go down even more.

Also, if new and exciting NFT projects come out, that could bring in more buyers and sellers, which could liven things up in the market. It’s important to keep an eye on these things to see how they affect NFTs.

Conclusion

June 2024 was a challenging month for the NFT market, with a significant decline in sales volume, buyers, sellers, and transactions. Despite this downturn, several top-selling collections and blockchains maintained their positions, highlighting the resilience and adaptability of the market. 

As we look to the future of NFT market, various factors will shape the market’s trajectory, including economic conditions, market sentiment, and new innovations in the NFT market.