- NFT sales amounted to roughly $585 million in July, a 50% rise month-on-month and 36% up year-over-year.
- The same month displayed the lowest search in non-fungible tokens online, underscoring these collections’ waning popularity and interest in the public.
Non-fungible token (NFT) collections no longer enjoy the same widespread coverage as they did a few years ago. However, they remain a hot commodity within the crypto community.
Significant Recovery in NFT Sales in 5 Months
NFT aggregator CryptoSlam revealed that non-fungible token sales closed with over $584.037 million in July. This represented more than a 50% increase from the $388.918 million figures in June and 36% above the $429.175 million recorded within the same month of 2024.
So far, the month has shown the highest NFT sales since the numbers dropped in February. However, this is just a fraction of what the niche achieved during its all-time monthly high of $6.038 billion in January 2022.
The latest sales figures comprised 5,211,629 transactions, with 405,505 unique sellers and 713,085 unique buyers. The number of transactions was almost unchanged from June’s 5,593,366, while unique sellers climbed around 9.13% compared to the previous month’s 37,1591. However, unique buyers fell by 17.09% within the same period from 860,134.
An $8 Billion Market
CryptoSlam indicated that the market cap of the NFT sector now sits at over $8 billion. The data translates to a roughly 21% increase year-over-year from $6.6 billion.
CryptoPunks on the Ethereum (ETH) chain leads the rankings in all-time top performers, with eight projects from the collection dominating the top 10 spot. CryptoPunks #5822 has the record for the highest floor price at $23.22 million or 8,000 ETH followed by CryptoPunks #7804 and #3100 with $16 million each.
For July, an uncategorized Ordinal from the Bitcoin (BTC) chain snagged the highest price at $8.194 million, trailed by CryptoPunks #4668’s $906K price. The CryptoPunks collection, however, remained the best seller during the period, reflecting over $59.665 million in sales.
In terms of chains, Ethereum has consistently maintained its top position in NFT sales, generating $280.3 million in July and $46.2 billion in all-time sales. Bitcoin emerged as the runner-up in the last 30 days with $75.34 million, but the second spot on the overall chart belonged to Solana (SOL) with over $6.41 billion.
NFT Interest at Its Lowest Since January 2022
Google Trends displayed a significant drop in interest in NFTs over the last three years. July marked the lowest score, showing a 96% dip from the January 2022 peak at the height of demand for these collections.
In the last 30 days, Treasure NFT topics topped the searches. Subjects related to Pudgy Penguins, Mint, and Ethereum also gained considerable interest online. OpenSea, though, ranked the highest in all-time searches.
Nigeria led the interest per region in NFT searches from 2004 to the present, followed by Hong Kong, Pakistan, Uganda, and Singapore within the top five rankings.
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