NFT Sales Fall 36% In July - Here’s What You Should Expect In August 2024

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Despite some great news flocking the non-fungible token sector in the past few weeks, the non-fungible token market has again tanked in trading sales volume. The recent crypto market data analysis shows that the non-fungible tokens have fallen more than 30% in trading sales volume in July. In this article, we shall assess the full state of the NFT market in the past 30 days as well as what traders should expect in the coming August:

Last week, Luca Netz, the creator of the popular Pudgy Penguins non-fungible token collection, announced that they’ve raised $11 million for their upcoming Abstract L2 network, highlighting that Pudgy Penguins will be the mascot for all of crypto, not just NFTs. The Doodles also wowed the NFT space last week with the release of their new Dullsville and the Doodleverse trailer and followed it up with the announcement of Doodles TV and Doodles Records.

Pudgy Penguins is cryptos mascot. 🐧 https://t.co/xHiM54oAij

— Luca Netz 🐧 (@LucaNetz) July 23, 2024

Earlier this month, Yuga Labs, the creator of the Bored Ape Yacht Club and Mutant Ape Yacht Club non-fungible token collection, also launched the first ever Project Dragon multiplayer game, which saw thousands of people battling in a 3rd person shooter. Even though the gameplay was janky, the overall reaction was that the experience was fun. Project Dragon will be live again next month.

THANK YOU to everyone who came out to our first Project Dragon playtest today.

We had well over a thousand of you running and gunning around Meetropolis as your apes, meebs, and voyagers. The start of something beautiful imo.

We're building this game in public, and we're doing… pic.twitter.com/zlSZmsf7sV

— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) July 27, 2024

NFT Sales Dip 36% In July 2024

Despite such great NFT news, among many others, the global non-fungible token market has fallen again in sales volume this month. Data compiled by CryptoSlam.io, an on-chain crypto market data aggregator and a multi-chain non-fungible token collection explorer, shows that the global non-fungible token market has attracted a sales volume of $431 million in the past 30 days. The NFT trading sales have decreased by 36% from the past month.

This month, the number of investors buying non-fungible token collections has significantly fallen. In the past 30 days, the global non-fungible token market has seen nearly 1 million crypto traders buying NFTs, down 32% from the past month. Following depreciating market values this month, the number of traders who sold their NFTs has also reduced by 45% from the past month. The trading activities in the global NFT market have pushed the NFT transactions above 10 million.

Ethereum, the blockchain network hosting Ether and renowned in the NFT market for powering the majority of blue-chip non-fungible token collections, has been this month’s top-traded blockchain network in the NFT market. In the past 30 days, the Ethereum-based NFT collections have raised a trading sales volume of $132 million, down 41% from the past month.

Solana, a public, open-source blockchain that supports smart contracts, including non-fungible tokens and various decentralized applications, has been this month’s second most-traded blockchain network in the NFT market. In the past 30 days, the Solana-based NFT collections have raised a trading sales volume of $98 million. The Solana NFT trading sales volume has fallen 4.65% this month from the past month.

Bitcoin, the blockchain network known for powering the flagship crypto Bitcoin and famous in the NFT market for powering Runes, Ordinals and BRC-20 non-fungible token collections, has been this month’s third most-traded blockchain network in the NFT ecosystem. In the past 30 days, the Bitcoin-based NFT collections have attracted a sales volume of $74 million, down 53% from the past month.

Polygon, an Ethereum scaling solution blockchain network, has been this month’s fourth most-traded blockchain network in the NFT market. In the past thirty days, the Polygon-based non-fungible token collections have raised a trading sales volume of $45 million. Like Ethereum, Solana, and the Bitcoin network, Polygon NFT trading sales volume has plunged 31% compared to the previous month.

Immutable X and Mythos Chain, renowned layer two (L2) networks for building web3 games on the Ethereum NFT ecosystem, have been this month’s fifth and sixth most-traded blockchain network in the NFT market. In the past 30 days, Immutable X –based NFT collection has amassed a trading sales volume of $20 million, while Mythos Chain-based NFT have raised a trading sales volume of $17 million. Immutable X NFT sales volume has surged 74%, while Mythos Chain NFT sales have plunged 10.74% from the past month.

Top Selling NFTs In The Past 30 Days

1. DMarket NFT Collection

DMarket, a non-fungible token collection from the virtual asset market platform DMarket hosted on the Mythos Chain network, has been this month’s most-selling NFT collection, outpacing other dominant NFT collections like the Pudgy Penguins and the Bored Ape Yacht Club. In the past 30 days, the DMarket NFT collection has raised a trading sales volume of $16 million. During this period, the DMarket NFT trading sales volume has plunged 10.69% from the past month.

2. DogeZuki NFT Collection

DogeZuki, a non-fungible token collection with a fixed supply of 2,800 Shiba Inu-inspired NFT items hosted on the Solana blockchain network, has been this month’s second most-selling NFT collection. In the past 30 days, the DogeZuki NFT collection has recorded a trading sales volume of $13 million. Fortunately, the DogeZuki NFT trading sales volume has surged 35% from the past month.

3. Solana Monkey Business NFT Collection

Solana Monkey Business, a non-fungible token collection featuring a limited edition of 5,000 randomly generated 24×24 pixel monkey NFTs created on the Solana blockchain network, has been this month’s third most-selling NFT collection. In the past 30 days, the Solana Monkey Business NFT collection has amassed a trading sales volume of $13.5 million. The Solana Monkey Business NFT trading sales volume has increased by 273% from the past month.

4. Gods Unchained NFT Collection

Gods Unchained, a non-fungible token collection from Gods Unchained, a digital trading card game that allows users to trade cards and purchase or earn real-world currency, has been this month’s fourth most-selling NFT collection. In the past 30 days, the Gods Unchained NFT collection has raised a sales volume of $11.6 million. The Gods Unchained NFT trading sales volume has soared 22% this month from the past month.

5. NodeMonkes NFT Collection

NodeMonkes, a non-fungible token collection that features a limited edition of 10,000 NFTs inscribed on the Bitcoin blockchain network, has been this month’s fifth most-selling non-fungible token collection. NodeMonkes is a standout collection within the world of Bitcoin-based NFTs, leveraging the unique capabilities of the Ordinals protocol. In the past 30 days, the NodeMonkes NFT collection has recorded a trading sales volume of $8.9 million. NodeMonkes NFT sale volume has plunged 28% from the past month.

6. Bitcoin Puppets NFT Collection

Bitcoin Puppets, a non-fungible collection that features a limited edition of 10,001 unique PFPs (profile pictures) hand-drawn in MS Paint by a 12-year-old hosted on the Bitcoin network, has been this month’s sixth most-selling NFT collection. The Bitcoin Puppets NFTs were launched in February 2024 and have taken web3 by storm. In the past 30 days, the Bitcoin Puppets NFT collection has raised a trading sales volume of $8.9 million. Bitcoin Puppets NFT sales have fallen 29% this month from the past month.

7. Bored Ape Yacht Club NFT Collection

Bored Ape Yacht Club, a non-fungible token collection from the digital asset incubation studio Yuga Labs featuring a limited edition of 10,000 NFTs created on the Ethereum blockchain network, has been the seventh most-selling NFT collection in July. In the past 30 days, the Bored Ape Yacht Club NFT collection has recorded a trading sales volume of $8.2 million. The Bored Ape Yacht Club NFT sales volume decreased 36% from the past month.

8. Pudgy Penguins NFT Collection

Pudgy Penguins, a non-fungible token collection from the digital asset firm Igloo Inc. featuring a limited supply of 8,888 cute penguins hosted on the Ethereum blockchain network, has been this month’s eighth most-selling NFT collection. In the past 30 days, the Pudgy Penguins NFT collection has recorded a trading sales volume of $7.9 million. Despite announcing plans to launch its L2 network on Ethereum last week, Pudgy Penguins NFT sales volume has plunged 18% this month.

9. Mad Lads NFT Collection

Mad Lads, a non-fungible token collection from the digital asset incubation studio Backpack that features a limited supply of 10,000 NFTs created on the Solana blockchain network, has been this month’s ninth most-selling NFT collection. In the past 30 days, the Mad Lads NFT series has recorded a trading sales volume of $7.9 million. Mad Lads NFT trading sales volume has decreased by 9.83% this month from the past month.

10. Froganas NFT Collection

Froganas, a non-fungible token collection from the digital artist Thin Tall Tee featuring a limited supply of 5,555 humanoid frogs created on the Solana blockchain network, has been this month’s tenth most-selling NFT collection. In the past 30 days, the Froganas NFT collection has recorded a trading sales volume of $7.8 million. Froganas NFT trading sales have surged 635% this month, closing our ten top-selling NFT collections.

The NFT Market Prediction For August 2024

Last week marked a milestone for the crypto and NFT sector after the Bitcoin Conference and Inscribe Nashville ended with bullish sentiments. In the event, Donald Trump predicted Bitcoin’s market cap might surpass gold, advocating for Bitcoin as a strategic reserve. Senator Cynthia Lummis also made waves by proposing that the US government should hold 5% of the total Bitcoin supply.

Based on Trump and Lummis, the crypto market and NFTs seem primed for new all-time highs in the near future. In the coming weeks or months, revenue in the global NFT market is projected to grow and reach $2.3 billion in 2024 at an annual growth rate of 9.10%. The average revenue per user in the NFT market is expected to reach $138.8 in 2024.