The NFT market hasn’t bounced back at all since last year’s crash. Despite new and exciting projects being released every week, fewer dollars than ever are being spent on the market.
Key Highlights:
- Value Of NFT Art Sales Drop To Lowest Mark In Two Years
- Value Of Sales In NFT Art Segment Down 98.8% Since September 2021
- Number Of NFT Art Sales Down 96.1% In The Last 30 Days
NFT Art Sales Value Drops To Lowest Mark In 2 Years
The value of NFT sales have finally hit an all-time low in the last two years, selling only $11,109,000 worth last month in the art segment. Since the boom in September 2021, sales in the art segment have dropped by 98.8%. That month, there was a total of $880,896,000 worth of sales in a single month.
When sales were at their peak in September, the secondary sales market was booming with $715,426,000 being transacted in a single month. Last month saw the secondary market dropping down to $10,791,000 in sales. Even with projects being released, both the primary and secondary markets have dropped significantly in the last two years.
Number Of Sales Involving NFTs Down By 96.8% From 2 Years Ago
Generally, the NFT art segment has a huge secondary market as people look for and trade collectible items. Once an item is minted, NFTs in the art section can be auctioned.
However, in the last 30 days, the number of NFTs in the art segment being sold has declined by 96.8%. There were a total of 3,415 total sales in the last month compared to just 105,405 at this time in 2021.
There are many reasons for the decline of the NFT market. While people are buying fewer NFTs every day, the average sale for an NFT was only $47 in July, indicating that fewer people are interested in “blue-chip” NFTs.
Despite sales hitting an all-time low, dropping 98.8% in two years, the number of transactions remains high. Over the last couple of months between June and July, there has been an average of 10.6 million transactions, the highest mark since February 2022.
The decline in sales doesn’t necessarily mean that NFTs are dying, but instead, there’s a lower barrier to entry in the NFT market.
Crypto analyst Nick Raffoul commented on the drop in NFT sales in the art segment, “The influx of buyers in the NFT market is a sign that the industry isn’t dead yet. While prices have indeed dropped, the space is starting to become more accessible for general audiences that aren’t looking to spend a lot of money on digital collectibles.”
