NFT Global Market Sales Fall Below $1B for Third Consecutive Month Despite Soaring Projects
Raphael Minter - BeInCrypto
NFT global market sales tumbled below $1 billion in August due to a substantial reduction in the number of unique buyers which reflected negatively in the average sale value of digital collectibles.
NFT global market sales reached new milestones between July 2021 and May 2022 due to the enormous profits collectors obtained from selling purchased and free digital arts through airdrops.
Unfortunately, NFTs like all areas of the crypto finance industry were hit extremely hard by the bearish market trends that began at the end of March and have so far extended into the third quarter of the year.
As a result, NFT global market sales fell below $1 billion for the third consecutive month in August generating $726.78 million, according to data from CryptoSlam.Source: NFT Global Sales Chart for August 2022 by CryptoSlam
Drop in NFT global sales a reflection of declining volume from top collections
Much of the decline can be attributed to the massive drop in the number of unique buyers as well as the average sale value of the top 10 NFTs by all-time sales volume.
Axie Infinity, for example, is the top-ranked NFT by sales volume, generated around $5.7 million from 44,558 unique buyers.
Bored Ape Yacht Club (BAYC) which has flipped CryptoPunks in all-time sales also saw about $58 million from 263 unique buyers.
CryptoPunks generated $25 million from 103 unique buyers while Mutant Ape Yacht Club (MAYC) generated $25.8 million falling below the $50 million mark for the fourth consecutive month from 744 unique buyers. Otherdeed from the Otherside Metaverse has struggled since reaching a record $943 million in monthly sales in May, eventually grossing just $22 million from 1,934 unique buyers in August.
Dapper Labs’ NBA Top Shot which has added huge liquidity consistently to the NFT global market sales fell below $15 million in volume in August, signaling a significant decline in the number of unique buyers which led to an average sale value of $16.64.
The latest values are infinitesimal when compared to the $848 million in sales Axie Infinity accrued in August 2021. Neither can they be compared to the $298 million and $679 million generated by BAYC and CryptoPunks respectively within the same period last year. In the same period, MAYC and NBA Top Shots recorded sales of $277 million and $37 million respectively.
NFT global sales plunge to a yearly low
A paltry $726 million in sales is considered by many market analysts as signs of the NFT industry losing its footing in the crypto finance space. However, this number is an increase of $79.5 million (12%) from July.Source: NFT Global Sales Chart for July 2022 by CryptoSlam
The sales consisted of 613,021 unique buyers through a total of 4.57 million transactions who spent an average of $1,075.01 on Bored Apes, Mutant Apes, CryptoPunks, in-game NFTs by Axie Infinity, Azuki, CloneX, NBA Top Shots, and others.Source: NFT Global Unique Buyers Chart for August 2022 by CryptoSlam
August 2022’s 495,666 unique buyers and $132.33 average sale value was a 19% and 87% drop respectively from last year’s milestone figures.Source: NFT Global Unique Buyers Chart for August 2022 by CryptoSlam
NFT marketplace volume continues to tumble
NFT marketplace volume reached a new low in August by generating $613.41 million. OpenSea, the largest marketplace by volume recorded approximately $501 million in volume while competitor Magic Eden grossed $66.31 million.
The latest statistic is a reflection of negative market sentiment for digital collectibles which has seen NFT platforms generate total volumes below $1 billion in the last three months (June to August). NFT marketplaces reached an all-time peak of $5.63 billion in January.Source: NFT Marketplace Monthly Volume Chart by the Block
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