Average NFT sale price drops nearly 60 percent in Q2 2024: Report


Non-fungible token (NFT) sales are seeing a massive drop across the world. The most recent data from CryptoSlam showed that average NFT selling prices dropped by nearly 60 percent between March and June this year. The average NFT price around March was $193 (roughly Rs. 16,100), while in June the price dropped to $79.17 (roughly Rs. 6,604).

CryptoSlam statistics show the state of the NFT market

According to CryptoSlam, the average NFT sale price in the second quarter of 2024 dropped by 59.11 percent compared to the first quarter. The total sale volume also fell sharply – from $1,604,580,523.51 (please add INR conversion) in March 2024 to $462,260,209.09 (please add INR conversion) in June. On the other hand, the number of unique NFT buyers was 10,83,490 around March this year, but the figure dropped to 9,98,138 in June.

Meanwhile, the number of unique NFT sellers dropped from 6,75,306 in March to 4,75,999 in June. The figures clearly indicate that the NFT market is experiencing a massive decline and only a few collections are managing to attract buyers.

Pizza BRC-20 NFTs built on the Bitcoin blockchain topped CryptoSlam’s list of NFT collections that have seen a surge in sales volume over the past 30 days. DMarket, Crypto Punks, and Gods Unchained cards took the second, third, and fourth spots on the list, respectively.

The NFT market has seen several ups and downs over the past few years. Between 2022 and 2023, international celebrities such as Justin Bieber, Snoop Dogg and Paris Hilton spent thousands of dollars on purchasing trendy digital collectibles, while many famous brands such as Lufthansa Airlines and Casio Watches incorporated NFTs into their rewards programs and metaverse initiatives.

Around December 2023, the hype surrounding BTC ETFs in the US caused further buzz in the NFT market – but this was clearly short-lived.

According to the latest data, the average price of an NFT was $109 (roughly Rs. 9,096) in January this year, but as of July 2, the average NFT price has dropped to $92.11 (roughly Rs. 7,687).

It is still unclear when and if the NFT market will see a correction, as their classification as digital assets or securities remains a subject of debate in several countries.

Recent developments in the NFT sphere

NFTs are digital collectibles that are created on blockchain networks and can be inspired by many things like game characters, artists, paintings, cartoons, and even video content. The buyer of an NFT gets full ownership and can choose to keep it, trade it, or sell it. Often, NFTs are packed with virtual benefits and rewards from brands, gaming ecosystems, and artists.

In April 2024, Samsung partnered with the Wilder World metaverse game to offer NFT rewards to buyers of its Web3 TV bundle packs.

In India, Indian Railway Catering and Tourism Corporation (IRCTC) unveiled NFT tickets for Lucknow to Delhi train journey as a Holi-themed digital souvenir.

Indeed, Japanese tech giant Sony is looking to create a new category of NFTs, called SuperNFTs, which are created when players in its gaming ecosystem combine all of their in-game NFTs into a single entity. Many brands such as Nike and Adidas have reworked their marketing strategies to incorporate NFTs as a way to connect with a younger customer base.

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