Sales of non-fungible tokens (NFTs) skyrocketed at the start of the year. Unfortunately, the deepening bearish trend in the market in the second week of May did not assist NFT project sales in the following months.
According to Be[In]CryptoResearch's July global data, NFT sales are approximately $647.23 million.
While that number looks high, sales are down 26% from June. In June, sales were about 8.79 billion U.S. dollars.
Source of material: CryptoSlam provides NFT sales chart globally in June 2022
New to NFTs?
Non-fungible tokens, often referred to by their acronym NFT, are digital currencies capable of representing a range of unique tangible and intangible items such as virtual real estate, collectible sports cards, digital art, and data sneakers.
NFT is indestructible, non-interoperable, indivisible, and non-verifiable.
AxieInfinity, BoredApeYachtClub (BAYC), CryptoPunks, MutantApeYachtClub (MAYC) and ArtBlocks are the top five NFTs by sales so far.
Why are sales plummeting?
When you assess the number of individual customers from July, the lower sales volume results in a lower number of transactions, with 532,378 unique customers and 5.6 million transactions.
Compared with the second highest global sales in January 2022, the number of single customers is 1.07 million, and the corresponding transaction volume is 9.36 million. In January, global NFT sales were approximately $4.78 billion.
Since June 2021 (US$327 million), NFT sales have been less than US$700 million for the first time, hitting a new low in 2022, a decrease of US$4.14 billion from January 1.
In addition to unique customers and transactions, the average sales value also declined significantly. The average selling price in January fell from $511.33 to $115.15 in July, a drop of 77%.
