TechFlow News, July 29 — According to Cointelegraph, NFT markets are facing their lowest monthly sales since November 2023. Data from tracking platform CryptoSlam shows monthly NFT sales have dropped to $393 million, with daily trading volume averaging under $14 million in July, potentially making it the lowest or second-lowest month of the year. June’s sales stood at $450 million, reflecting an ongoing downturn in the NFT market, which saw a 45% quarter-over-quarter decline from Q1’s $4.1 billion to Q2’s $2.24 billion.
Despite weak sales, the total number of NFT transactions in July reached 9.9 million, a 73% increase from June’s 5.7 million. Jonathan Perkins, co-founder of SuperRare, noted that NFTs remain a powerful token standard whose utility remains unchanged. Randy Wasinger, founder of CryptoSlam, stated that while certain NFT applications may not return, NFTs themselves are not dead, and future Web3 applications will continue to require NFTs, with their use cases continuing to evolve.
