Non-fungible token (NFT) sales volume dropped to $91.96 million in the first week of September, setting the lowest weekly sales figure since mid-June, according to data from NFT tracker CryptoSlam.
The NFT sales dip last week follows sustained momentum for NFTs throughout July and August. In the last eight weeks, weekly sales volume for digital collectibles never dropped below $115 million, showing strong momentum.
From July 21 to 27, digital collectibles saw $170 million in weekly sales. This marked their third-highest weekly performance this year, following the highest weekly figures above $170 million recorded in mid-January.
The NFT slump last week put the sales volume back near levels last seen in June 16 to 22, when sales hit a low of $90 million.
Unique NFT buyers down 58% since mid-June
While NFT sales volumes were lower from June 16 to 22, the number of unique buyers was near 487,264, suggesting that collectors remained interested in purchasing NFTs despite lower average sale values going to a low of $57.
From Sept. 1 to 7, unique buyers for NFTs hit 199,821, a 58% drop compared to their record mid-June. On the other hand, unique sellers dropped to 145,877 last week, a 43% decline from 258,803 sellers from June 16 to 22.
In addition to a shrinking number of buyers and sellers, average sale prices also started to drop. Throughout August, the average sale value for NFTs was above $104 before dipping in the last week of August to $82. In the first week of September, the figure further dropped to $72, a 30% decline in just two weeks.
Despite lower volumes, the overall transaction count remained relatively high at 1.27 million, suggesting continued trading activity despite smaller transaction sizes.
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Adoption drove strong NFT sales in July and August
Last Friday, DappRadar analyst Sara Gherghelas attributed the strong NFT performances in the last two months to increasing NFT adoption.
She brought up the opening of a permanent NFT art gallery inside a club in Ibiza, an island near Spain. The gallery showcased works from NFT artists like Beeple and Mad Dog Jones.
Another key drive was Base, the layer-2 network of crypto exchange Coinbase. In August, Base became the third-largest chain by 30-day volume.
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Source: https://cointelegraph.com/news/nft-sales-drop-september-market-decline?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
