NFT global sales experienced a sharp decline in volume during the seventh month of the year due to decreased investor interest in digital collectibles.
Non-Fungible Tokens (NFTs) sales soared at the start of the year. Unfortunately, the bearish trends of the market which deepened in the second week of May have not helped the sales volume of NFT projects in the months that followed.
NFT sales across the globe were approximately $647.23 million in July, according to Be[In]Crypto Research.
Although this figure seems high, it was a 26% decline from June’s volume. In June, sales were around $879 million.
New to NFTs?
Normally identified by its abbreviation, NFT, non-fungible tokens are digital assets that serve as a representation of a range of unique tangible and intangible items such as virtual real estate, collectible sports cards, digital art, and digital sneakers among others.
NFTs are indestructible, non-interoperable, indivisible, and verifiable.
Why the plunge in sales?
When you assess the number of unique buyers from July, the drop in sales volume led to the falling transaction counts, with 532,378 unique buyers, and 5.6 million transactions.
In comparison to Jan. 2022, when global sales reached the second-highest mark, unique buyers stood at 1.07 million and corresponded to 9.36 million transactions. In January, global NFT sales were roughly $4.78 billion.
By generating less than $700 million in sales for the first time since June 2021 ($327 million), NFTs reached a new low in 2022 which was a $4.14 billion decrease in volume from Jan.
Aside from unique buyers and transactions, average sale value also tumbled. There was a 77% plunge in average sale value from $511.33 in January to $115.15 in July.