NFT Global Market sales fall below $1B for third consecutive month despite skyrocketing projects

Sales on the NFT global market fell below $1 billion in August due to a significant reduction in the number of unique buyers that reflected negatively in the average sales value of digital collectibles.

NFT’s global market sales reached new milestones between July 2021 and May 2022 due to the huge profits collectors made by selling purchased and free digital art through airdrops.

Unfortunately, NFTs like all areas of the crypto-finance industry were hit extremely hard by the bearish market trends that began in late March and have so far extended into the third quarter of the year.

As a result, NFT’s global market sales fell below $1 billion for the third consecutive month in August, generating $726.78 million, according to data from CryptoSlam.

Decline in NFT’s 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 sales value of the top 10 NFTs by sales volume of all time.

Axie Infinity, for example, is the top-ranked NFT by sales volume, generating around $5.7 million from 44,558 unique buyers.

Bored Ape Yacht Club (BAYC) which has flipped CryptoPunks all-time sales also received around $58 million from 263 unique buyers.

CryptoPunks generated $25 million from 103 unique buyers, while Mutant Ape Yacht Club (MAYC) generated $25.8 million and fell below $50 million 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, collecting just $22 million from 1,934 unique buyers in August.

Dapper Labs’ NBA Top Shot, which has consistently added huge liquidity to the NFT global market, fell below $15 million in volume in August, signaling a significant drop in unique buyers that led to an average sale value of $16.64.

The latest values ​​are infinitesimally small compared to the $848 million in sales Axie Infinity accrued in August 2021. Nor do they compare to the $298 million and $679 million generated by BAYC and CryptoPunks, respectively, in the same period last year. During the same period, MAYC and NBA Top Shots recorded sales of $277 million and $37 million, respectively.

NFT’s global sales fall to an annual low

A small $726 million in sales is considered by many market analysts as a sign that the NFT industry is losing its footing in the crypto-finance space. However, this figure is an increase of $79.5 million (12%) from July.

The sale consisted of 613,021 unique buyers across 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 .

August 2022’s 495,666 unique buyers and average sale value of $132.33 were down 19% and 87%, respectively, from last year’s milestone numbers.

NFT marketplace volume hit a new low in August by generating $613.41 million. OpenSea, the largest marketplace by volume, recorded approximately $501 million in volume, while rival Magic Eden collected $66.31 million.

The latest statistic is a reflection of negative market sentiment for digital collectibles that has seen NFT platforms generate total volumes below $1 billion over the past three months (June to August). NFT marketplaces peaked at $5.63 billion in January.

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