The NFT industry remained under pressure in August as sales continued to decline.
Total NFT sales fell 41% in August to $376 million, as the number of buyers and sellers fell by double digits.
Data by CryptoSlam The data showed that the number of buyers fell by 29% to 127,913, while the number of sellers fell by 17% to 93,600.
Additionally, total NFT transactions fell by 50% to 7.4 million, indicating a decline in demand for these assets.
At the peak of January 2022, total monthly sales reached It was more than $6.5 billion. While the number of unique buyers and sellers reached more than 1.5 million and more than 1 million.
Ethereum (ETH) maintained its lead as the most popular blockchain for NFT traders, handling over $129 million in August, down 38% from the previous month.
It was followed by Solana (SOL), which handled $78.9 million. Bitcoin NFT sales fell 50% to $57 million while Polygon (MATIC) fell 52% to $36 million.
The Mythos series saw an improvement in August, generating $20 million in sales, up 14% from the previous month. DMarket led the Mythos series, with sales up 17% during the month.
Some of the most popular NFTs have seen their value and sales decline in the past few years. For example, the Bored Ape Yacht Club moved from offering monthly payments to Sales value From over $50 million in 2022 to just $11 million in August.
This sharp drop in monthly NFT volume has hurt both investors and marketplaces like OpenSea and Rarible. Data from Dune Analytics shows that OpenSea’s monthly volume in July was just $32 million, down from $641 million in January last year.
Other NFT marketplaces like Blur, Magic Eden, and SuperRare have also seen a decline in volume and user numbers in the past few months.
NFT sales have been falling as prices have fallen. The base price of CryptoPunks, the largest NFT collection, is $88,839, down 52% from the same period in 2023. The base price of Bored Ape Yacht Club has fallen 70% in the past 12 months to $29,593 while Azuki is down 20%.
The companies that made the biggest gains during the same period were Pudgy Penguins and Milady, whose flooring prices rose by 166% and 121%, respectively.