In July 2024, the NFT market saw a significant decline. Despite positive news in the sector, NFT trading sales volume fell by 36%. This decrease is evident in recent crypto market data. The fall shows a market struggling to maintain its previous momentum.
Last week, Luca Netz, creator of Pudgy Penguins, announced they raised $11 million for the Abstract L2 network. Pudgy Penguins aims to be the mascot for all of crypto. Additionally, Doodles released Dullsville and the Doodleverse trailer. They followed with Doodles TV and Doodles Records. These updates excited the NFT community but did not prevent the overall decline.
Earlier this month, Yuga Labs launched Project Dragon. This multiplayer game involves thousands of players in a 3rd person shooter format. Despite some gameplay issues, it was received well. Project Dragon will go live again next month, adding more excitement to the NFT space.
Global NFT Market Overview
Despite positive news, the global NFT market has experienced a decline in sales volume. Data from CryptoSlam.io shows a 36% decrease, with the market attracting a sales volume of $431 million in July. The number of investors buying NFTs has also fallen, with nearly 1 million crypto traders involved, down 32% from the previous month.
Ethereum Remains Top-Traded Blockchain
Ethereum stayed the leading blockchain in the NFT market. In the last 30 days Ethereum-based NFTs generated $132 million in sales, reflecting a 41% drop from the previous month.
Solana and Bitcoin Follow
Solana was the second most-traded blockchain. NFT collections on Solana earned $98 million in July, a 4.65% decrease from June. Bitcoin, powering Runes, Ordinals, and BRC-20 NFT collections, was the third most-traded blockchain with $74 million in sales, down 53% from the previous month.
Polygon and Other Blockchain Networks
Polygon, which scales Ethereum, ranked fourth in NFT trading with $45 million in sales, marking a 31% decrease from June. Immutable X and Mythos Chain, both Layer 2 networks for web3 games on Ethereum, were the fifth and sixth most-traded. Immutable X-based NFTs saw $20 million in sales, up 74%, while Mythos Chain-based NFTs raised $17 million, a 10.74% decrease.
NFT Market Prediction for August 2024
The crypto and NFT sectors received a boost from recent events like the Bitcoin Conference and Inscribe Nashville. Predictions from notable figures suggest a bullish trend. Donald Trump speculated that Bitcoin’s market cap could surpass gold, while Senator Cynthia Lummis proposed the US government hold 5% of Bitcoin’s total supply.
In summary, while the NFT market faced a challenging July, promising developments and predictions suggest a potentially strong rebound in August.
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