Non-fungible tokens (NFTs) sales recorded a $374 million monthly volume in August, continuing a downward trend and recording its lowest monthly sales of 2024. This marks the first time digital collectibles recorded a volume below $400 million this year. 

Monthly NFT sales fall below $400M, marking yearly low image 0

NFTs highest monthly sales vs. lowest monthly sales in 2024. Source: CryptoSlam

Data from NFT tracker CryptoSlam shows that digital collectibles only had monthly sales of $374 million in August 2024. Unlike its highest monthly record in 2024, which was $1.6 billion in March, August’s monthly volume represents a 76% drop. 

NFT monthly sales volume continues to drop

NFTs had a strong first quarter of 2024, with a total sales volume of $4.1 billion. However, digital collectibles could not keep the momentum going, and total volume dropped to $2.24 billion in the second quarter — a 45% quarter-on-quarter decline . 

Despite a surge in weekly sales in the last week of August, NFTs have been unable to break the constant decline that started in April when sales dropped to $1.2 billion. This was followed by an even steeper drop when NFTs’ monthly volumes hit $598 million in May.  

In July, NFTs recorded a sales volume of $427 million. However, despite a lower turnout in monthly sales volumes, July showed an 87% increase in NFT transactions. Data showed that NFT transactions increased from 5.7 million in June to 10.7 million in July. 

In August, NFTs had 7.3 million total transactions, a 31% drop from July. However, the average NFT sale’s value increased by 27%, jumping from $39.93 to $50.74. Two days into September, NFT average sales increased to $86.04 per transaction.

Related: NFTs can be securities but SEC Wells notice to OpenSea ‘not productive’ — Lawyer

Speculative capital moving from NFTs into memecoins

In comments to Cointelegraph previously, Solo Ceesay, co-founder and CEO of social wallet Calaxy, said that speculative capital has flowed into memecoins this cycle . The executive believes that the space is moving on from NFTs and into memecoins. 

On Aug. 19, the once most expensive CryptoPunk was quietly transferred into a different wallet . Ceesay believes that the previous owner of the blue-chip NFT wanted to transfer the capital into memecoins. 

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