Major NFT Collections Post Double-Digit Monthly Losses as Floor Prices Drop
The floor prices of well-known "blue-chip" NFT collections have dropped by more than 25% in the past month, while some lesser-known collections have seen gains.
Topics
Posted 8/24/2023, 9:04:00 AM
coindesk.com
Relevant topic timeline:
Main topic: Decline in NFT sales and the need for new opportunities in the sector.
Key points:
- NFT sales in July totaled $495.6 million, down 23% from June.
- This marks the fifth consecutive month of declining NFT sales since February.
- The average sale in July was just $47, indicating less interest in high-value NFTs.
- Transaction levels remain high, indicating a growing prevalence of low-barrier NFT sales.
- Ethereum, Bitcoin, and Solana were the top blockchains for NFT sales in the past 30 days.
- The decline in NFT sales highlights the need for players and builders in the sector to find new growth opportunities.
A recent study has found that 95% of NFT collections are effectively worthless, indicating that the NFT market has significantly declined compared to its peak in 2021 and 2022.