According to data from the NFT tracking platform CryptoSlam, non-fungible token (NFT) sales fell to $91.96 million in the first week of September, marking the lowest weekly sales record since mid-June.
Last week's decline in NFT sales ended the continuous growth momentum seen in July and August. Over the past eight weeks, weekly sales of digital collectibles never dropped below $115 million, indicating strong growth momentum.
From July 21 to 27, weekly sales of digital collectibles reached $170 million. This marked the third highest weekly performance of the year, second only to the peak weekly sales of over $170 million recorded in mid-January.
The decline in NFT sales last week brought sales back to levels seen from June 16 to 22, when sales hit a low of $90 million.
Although NFT sales were low during the period from June 16 to 22, the number of unique buyers approached 487,264, indicating that despite the average sale value dropping to a low of $57, collectors remained interested in purchasing NFTs.
From September 1 to 7, the number of unique NFT buyers reached 199,821, a 58% decrease from the record in mid-June. On the other hand, the number of unique sellers fell to 145,877 last week, a 43% drop from the 258,803 sellers recorded from June 16 to 22.
In addition to the decrease in the number of buyers and sellers, the average sale price also began to decline. Throughout August, the average sale value of NFTs remained above $104, then dropped to $82 in the last week of August. In the first week of September, this figure further declined to $72, a 30% drop in just two weeks.
Despite the low trading volume, the overall number of transactions remained relatively high at 1.27 million, indicating that trading activity continued even with smaller transaction sizes.
Last Friday, DappRadar analyst Sara Gherghelas attributed the strong performance of NFTs over the past two months to an increase in NFT adoption.
She mentioned a permanent NFT art gallery opened in a club near Ibiza, Spain. The gallery showcases works by NFT artists such as Beeple and Mad Dog Jones.
Another key driving factor is the Layer 2 network Base from the cryptocurrency exchange Coinbase. In August, Base became the third largest chain by trading volume over a 30-day period.
Related: OpenSea announces the launch of NFT reserves, with CryptoPunk being the first purchase.
Original article: “NFT Market Cools Down, Weekly Sales Hit New Low Since Mid-June”
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