NFT Sales Fall 30% In July

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The global non-fungible token market has recently crashed after the initial hype that followed its rise in popularity. In the past few weeks, most NFTs have fallen sharply in their floor price value, leading some investors to question their long-term viability. The NFT market started spiraling downward in the past few weeks, leaving many projects in massive losses.

The recent negative downturn has been attributed to a combination of factors, including the psychology of economic bubbles, NFT wash trading, the volatility of the broader crypto market, and macroeconomic conditions, but mainly due to the general crypto market uncertainty in the last three months. In this article, we shall dig in-depth into whether the NFT market will retest positive gains in the upcoming month of August.

Data compiled by CryptoSlam.io, an on-chain data aggregator, shows that the once-booming non-fungible token market is down by nearly every traceable metric. In the past 30 days, the NFT market has recorded a trading sales volume of $531 million, representing a 29% drop from last month.

Source: Cryptoslam.io, global NFT sales volume

During this period, non-fungible token hosted on the Ethereum blockchain has been the most traded NFTs, recording a trading sales volume of $315 million. Ethereum NFTs have dropped 21% in trading sales volume from the past month.

Non-fungible token collections pegged on the flagship crypto “Bitcoin” has been the second most traded NFT collections this month. In the past 30 days, Bitcoin ordinals have attracted a trading sales volume of $63 million. This figure translates to a 48% drop from the past month.

Source: CryptoSlam.io, NFT Sales By blockchain

Solana-based NFTs distantly follow Bitcoin NFTs, with a trading sales volume of $38 million. NFTs hosted in Polygon, an Ethereum scaling network, follow in the list with a trading sales volume of $25 million. In the past 30 days, Solana and Polygon NFTs have dropped by 49% and 41%, respectively.

Non-fungible token hosted on BNB Chain, a community-driven, decentralized, and censorship-resistant blockchain from renowned crypto exchange “Binance,” takes fifth place this month. In the past 30 days, BNB Chain NFTs have recorded a sales volume of $23 million.

It’s worth noting that the number of investors who bought NFT this month has decreased by 2% from the previous month. The global NFT market has recorded 90,648 buyers in the past 30 days. During this period, the market recorded 10.1 million NFT transactions, a 13% short from the past month.

Top Traded NFTs In The Past 30 Days

Source: CryptoSlam.io, top traded NFTs in July

1. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT collection from digital asset firm Yuga Labs featuring a limited edition of 10,000 NFTs hosted on Ethereum NFTs, has been the most traded NFT collection this month. In the past 30 days, Bored Ape Yacht Club NFTs have recorded a trading sales volume of $27 million.

2. Gods Unchained NFTs

Gods Unchained has been the second most traded NFT collection this month. Launched in 2021, Gods Unchained is a non-fungible token trading card game that gives players actual ownership of their collection. In the past 30 days, the NFT collection has recorded a trading sales volume of $21 million.

3. $Fram BRC-20 NFTs

$Fram BRC-20 is a standard non-fungible token hosted on the Bitcoin blockchain, similar to popular Ethereum ERC-20 NFTs. The NFT collection was the third most traded NFT collection in July, recording a trading sales volume of $20.2 million.

4. Bitcoin NFTs

Bitcoin NFTs, popularly known as ordinals in the crypto industry, is an NFT collection hosted on the Bitcoin network. The NFT collection came into the spotlight earlier this year after Bitcoin developer Casey Rodarmor inscribed the NFT art using ordinal theory. In the past 30 days, the NFT collection has attracted a trading sales volume of $19 million.

5. DMarket NFTs

DMarket, an NFT collection from a cross-chain marketplace to trade all possible NFTs and virtual items and technology for building metaverses, DMarket, has been the fifth most sold NFT collection this month. In the past 30 days, the NFT collection has recorded a trading sales volume of $19 million. This figure represents a 31% drop from the past month.

6. The Captainz NFTs

The Captainz, an NFT collection featuring a limited set of 10,000 NFTs hosted on the Ethereum network, has been the sixth most traded NFT collection this month. In the past 30 days, the Captainz has amassed a trading sales volume of $16 million. The NFT collection has spiked 15% from last month.

7. CryptoPunks

CryptoPunks, an NFT collection previously from digital asset firm Larva Labs featuring a limited edition of 10,000 NFTs hosted on the Ethereum network, has been the seventh most traded NFT collection this month. In the past 30 days, the NFT collection has recorded a trading sales volume of $13.8 million.

8. Azuki Elementals NFTs

Azuki Elementals is an NFT collection from digital asset firm and Azuki creator Chiru Labs, featuring a limited edition of 20,000 anime-inspired NFTs. The NFT collection has been the eighth most traded NFT collection, recording a trading sales volume of $13.3 million. Azuki Elementals NFT sales have dropped 9% from the past month.

9. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club is another NFT collection from digital asset and Bored Ape Yacht Club NFT creator Yuga Labs, featuring a limited edition of 20,000 NFTs. Mutant Ape Yacht Club has been the ninth most traded NFT collection this month, amassing a trading sales volume of $11.8 million.

10. Sorare NFTs

Sorare NFTs, an NFT collection from the Sorare, the fantasy football game, has been the tenth most traded NFT collection this month. In the past 30 days, the Sorare NFT collection has recorded a sales volume of $11.5 million, closing our ten top-traded NFT list this month.

During this period, Bored Ape Yacht Club #1734 was the most expensive NFT collection, selling for $1.26 million 18 days ago. CryptoPunks #8531 has been the second most costly NFT collection this month, selling for more than $1 million 16 days ago.

Source: CryptoSlam.io, most expensive NFTs in July

The NFT Market Prediction For August 2023

Despite suffering massive losses amid the recent NFT slump, many NFT investors are still bullish that the NFT market will retest hype in the coming weeks. In their current prediction, Statista foresees the NFT revenue in the NFT market to reach $1600 million in 2023. The journey to this remarkable milestone is likely to start this August.