NFT Trading Volume Drops 45% in Q2 2024
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Data from CryptoSlam shows that NFT trading volume in Q2 2024 plummeted by over 45% compared to the previous quarter.
NFT Trading Volume Drops 45% in Q2 2024
According to CryptoSlam, Q1 2024 saw NFT trading volume surge from $2.9 billion in Q4 2023 to $4.1 billion. However, moving into Q2 2024, this volume sharply declined to $2.24 billion, a drop of more than 45% from the previous quarter, marking the lowest NFT trading volume since Q3 2023.
Monthly NFT trading statistics. Source: CryptoSlam (26/06/2024)
June 2024 proved to be a challenging period for the NFT market, with the average transaction value of NFTs dropping 59% compared to March 2024. The floor price of the iconic Bored Ape NFT collection also hit a three-year low. Additionally, June recorded the lowest number of NFT transactions since March 2021.
Furthermore, trading volume and the number of active retailers in June 2024 are projected to hit the lowest levels since October 2023. This indicates that NFT collectors are opting to hold onto their assets amid unfavorable market conditions.
The sharp decline in NFT trading activity can be attributed to a series of negative news affecting the leading cryptocurrency. On June 24, analysts predicted that Bitcoin could drop to $50,000 as it formed a double-top pattern.
After bottoming out at $58,400, Bitcoin prices surged above $60,000 and are currently trading around $61,400.
4-hour chart of the BTC/USDT pair on Binance at 04:40 PM on June 26, 2024
Despite the overall market downturn, the NFT space witnessed several high-value transactions in the first half of 2024, including a CryptoPunks NFT sold for $16.4 million and the original Dogwifhat meme photo sold as an NFT for $4.3 million.
Meanwhile, the Bitcoin NFT market experienced significant growth in trading volume. On June 26, NFT trading volume on Bitcoin reached $4.31 billion, making it the third-largest blockchain for NFT trading volume in history, thanks to the Ordinals craze in early 2024. This propelled Bitcoin past Ronin, trailing only Ethereum and Solana.
Top 5 blockchains by all-time NFT trading volume. Source: CryptoSlam
